Nifty Metal index falls 2% amid weak global cues

Shares of SAIL and Vedanta, which plunged 6% and 5%, respectively, were leading the index's loss.

Feb 08, 2019 02:02 IST India Infoline News Service

The Nifty Metal index was trading 2% down on Friday over investors concerns regarding global demand growth amid uncertainty over truce in the US-China trade war. Shares of SAIL, Vedanta, Welspun Corp, Jindal Steel, and Tata Steel led the index’s fall.

Concerns regarding uncertainty over the success in trade talks between the US and China rose after reports that President Donald Trump and his Chinese counterpart Xi Jinping were "highly unlikely" to meet before the March 1 deadline set by the US for reaching a trade deal.

Shares of SAIL and Vedanta, which plunged 6% and 5%, respectively, were leading the index's loss. Shares of Welspun Crop and Jindal Steel also contributed to the fall, declining 3% each. Shares of JSW Steel and Tata Steel declined 2% each, while those of Hindustan Copper, Hindalco, NMDC, MOIL, and Hindustan Zinc slipped 1% each.

Meanwhile, equity benchmark indices were trading in the red with the Sensex declining 259 points at 36,688 levels. The Nifty declined 73 points at 10,996 level, slightly below its key level of 11,000.

On the currency front, the Indian rupee extended gains for the second straight trading session on Friday. The currency opened 8 paise higher at 71.37 against the dollar compared to the previous close of 71.45/$.

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