Nifty metal underperforms, tanks over 4% as Tata Steel, JSPL, Hindalco fall 4-5%

metals

It is absolute carnage on Dalal Street as the benchmark indices have tanked over 2.5 percent. Nifty50 has tanked 275 points and is trading at 10,184 while the Sensex has crashed 875 points and is trading at 33,885 mark.

The breadth of the market favoured declines, with 230 stocks advancing, 1385 declining and 431 remaining unchanged. On BSE, 367 stocks advanced, 1588 declined and 79 remained unchanged.

All sectorial indices are trading the red, the biggest fall coming in from the metal space which plunged over 4 percent.

The top metal losers include Tata Steel which is down 10 percent thereby touching lower circuit of Rs 113.10. Jindal Steel and Power (JSPL) shed 6.45 percent while Hindalco Industries is trading lower by 5.24 percent.

JSW Steel shed 4.7 percent and Steel Authority of India is down 3.89 percent. NALCO and Hindustan Zinc are trading lower by 2 percent each with NALCO witnessing spurt in volume by more than 1.72 times on October 10, 2018.