The Nifty Metal index dropped 1% in afternoon trade on Monday owing to sell-off witnessed in Jindal Steel
, JSW Steel
, and Vedanta
Shares of Jindal Steel & Power, NALCO, and SAIL, which slipped 3% each, were leading the index’s fall. Shares of Vedanta, JSW Steel
, and Jindal Stainless (Hisar)
also contributed to the decline each trading 2% lower. Welspun Corp
, Coal India
, and Tata Steel
also slipped 1% each.
The fall could be attributed to disappointing economic data from China, the world’s largest industrial metal consumer. As per Chinese government data, total exports fell to $221.25bn in December, down 1.4% from November, and 4.4% from the same month in 2017. Total imports fell to $164.19bn, a decline of 10% from last month and down 7.6% a year earlier.
Meanwhile, equity benchmark indices were trading in the red on Monday with the Sensex trading 243 points at 35,767 levels. The Nifty also dropped 80 points to trade at 10,714 levels.