Shares of metal companies are under pressure with the Bombay Stock Exchange (BSE) metal index hits four-month low today amid concerns of slowdown in China.
NMDC, Sesa Sterlite, Hindustan Zinc, Tata Steel, Coal India and Steel Authority of India (SAIL) from the metal pack are down 1-3% on the BSE.
At 1025 hours, the BSE metal index was down 1.27% or 111 points at 8,622 against 0.31% rise in benchmark S&P BSE Sensex. The metal index hits low of 8,617, its lowest level since October 2013.
In past six trading sessions, the metal index was down 5% as compared to 1.3% rise in benchmark index on the back of weak economic data from China.
The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5. A reading below 50 indicates a contraction while one above shows expansion.
Among the individual stocks, NMDC and Sesa Sterlite have slipped 3% each at Rs 128 and Rs 175 respectively. Hindustan Zinc, Coal India and Tata Steel dipped 2% each, while SAIL was down 1%.
NMDC, Sesa Sterlite, Hindustan Zinc, Tata Steel, Coal India and Steel Authority of India (SAIL) from the metal pack are down 1-3% on the BSE.
At 1025 hours, the BSE metal index was down 1.27% or 111 points at 8,622 against 0.31% rise in benchmark S&P BSE Sensex. The metal index hits low of 8,617, its lowest level since October 2013.
In past six trading sessions, the metal index was down 5% as compared to 1.3% rise in benchmark index on the back of weak economic data from China.
The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5. A reading below 50 indicates a contraction while one above shows expansion.
Among the individual stocks, NMDC and Sesa Sterlite have slipped 3% each at Rs 128 and Rs 175 respectively. Hindustan Zinc, Coal India and Tata Steel dipped 2% each, while SAIL was down 1%.
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