The shipments that could be cleared are those that arrived before a ban on Australian coal went into effect, Bloomberg report quoted a person familiar with the situation.
The Indian stock market continues trading in the red with Sensex down 330.78 points or 0.67 percent at 48703.89, and the Nifty falling 115.30 points or 0.8 percent at 14318.40.
The metal space was down over 3 percent and was the underperforming sector on media reports that China is considering allowing some stranded Australian coal cargoes amid ban on coal imports from Australia.
The top losers included Jindal Steel & Power which was down over 5 percent followed by Tata Steel which shed 4 percent. The other losers included JSW Steel, SAIL, Vedanta, Hindalco Industries, Hindustan Copper and Coal India.
The shipments that could be cleared are those that arrived before a ban on Australian coal went into effect, Bloomberg report quoted a person familiar with the situation.
“Deliberations are at an initial stage and any decision would need the approval of more senior Chinese leaders, the person said. The broader prohibition on Australian coal remains in place, and ideally the cargoes would be resold to buyers in other countries,” the person was quoted as saying.
The most active metal stock in terms of volume included SAIl where 6,01,76,634 shares were traded.
Umesh Mehta, head of research at Samco Group, says metal sector will continue to be in a good space as commodity prices rise. With the result season just having started, investors will keep an eye on expectations and if the Budget stands to benefit any of the stocks in any manner.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
