Nifty Metal slips over 1.5% amid weak global cues; Vedanta drops 3%

The Nifty Metal index slipped 1.8% at 2,797.55 levels as selling pressure was seen in Vedanta, Welspun Corp, Coal India and JSW Steel.

Jul 18, 2019 06:07 IST India Infoline News Service

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Equity benchmark indices have turned choppy in the late morning trade on Thursday. The Sensex fell 88 points to 39,127 and the Nifty50 slipped 31 points to 11,656 levels.

The Nifty Metal index slipped due to an escalating trade war between the US and China spurted demand growth concerns. US President Trump threatened to impose further tariffs on China, which could dent the demand for metals.

According to the media reports, Trump questioned China’s failure to make good on what he saw as its promise to buy more US agricultural goods and said Washington could impose tariffs on an additional $325bn worth of Chinese goods if it needed to do so. On Wednesday, China urged the Trump administration to “make up its mind” about reaching a trade deal with Beijing, warning that additional tariffs could send negotiations further off track, the media report added.

The Nifty Metal index slipped 1.8% at 2,797.55 levels as selling pressure was seen in Vedanta, Welspun Corp, Coal India and JSW Steel.

All the components are trading in the red except Jindal Stainless (Hisar) ,which is trading in the green.

JSW Steel and Coal India dropped 2% respectively. Hindalco, NALCO, APL Apollo, Tata Steel, Hindustan Zinc and Jindal Steel were trading 1% lower each.

Meanwhile, shares of Accelya Solutions India, Alphageo (India), Ambika Cotton Mills, Aurobindo Pharma,Balaji Amines, Central Bank of India and Cox & Kings, Endurance Technologies, GAIL, HIL, Khadim India, Maruti Suzuki, Mindtree, MT Educare, Prakash Industries, Prime Focus, The Ruby Mills, Simplex Infrastructures and TTK Healthcare touched a 52-week lows on the NSE. 

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