Metal shares under pressure; Nifty Metal index down 2%
National Aluminium Company (Nalco) and Hindustan Copper fell 5% each, while Jindal Steel & Power (JSPL), Hindalco Industries, Hindustan Zinc and Vedanta were down 3% to 4% on the National Stock Exchange (NSE).
At 01:13 PM; the Nifty Metal index, the largest loser among the sectoral indices, was down 2.2% as compared to 0.36% decline in the benchmark Nifty 50 index.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME) was down 2% on Tuesday, falling 3.3% in past one week.
China’s economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution, the Reuters report suggested.
Industrial output rose 6.2% year-on-year in October, the National Bureau of Statistics (NBS) said, missing analysts’ estimates of a 6.3% gain and lagging a 6.6% increase in September, added report. CLCIK HERE TO READ FULL REPORT
China is the world’s largest consumer of steel, copper and aluminum.