Shares of metal companies were under pressure for the second straight day and hit a 17-month-low on Thursday amid fears of a global slowdown.
The Nifty Metal index is the largest loser among sectoral indices in today’s trade and was trading near its lowest level since July 10, 2017, in morning trade on the NSE. In the last two trading sessions, the metal index has dipped 6% as compared to a 2% decline in the Nifty50 index.
The fall in the metal index can be attributed to an uncertainty over a successful trade deal between the US and China. The uncertainty arose after US President Donald Trump on Tuesday warned that he would revert to tariffs if both sides failed to solve their disputes.
Shares of Jindal Stainless (Hisar)
dropped 2%, followed Coal India
, Hindustan Copper
, NALCO, Vedanta, and Hindustan Zinc.
On the flipside, NMDC
, SAIL, JSW Steel, MOIL, and JSPL were trading in the positive territory.
Meanwhile, equity benchmark indices were trading in the red led by Reliance Industries, Maruti, Kotak Mahindra Bank, and HDFC Bank. The Sensex was trading 289 points down at 35,591, while the Nifty declined 96 points to trade near 10,687.