Shares of metal companies are under selling pressure after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), declined for the fifth straight trading session on Thursday, May 1, 2014.
Jindal Steel and Power (JSPL), Tata Steel, Hindalco Industries, and Sesa Sterlite are down 1-6% each on the Bombay Stock Exchange (BSE).
The BSE metal share index S&P BSE Metal, the largest loser among sectoral indices, has corrected 1.23% compared to a 0.22% rise in benchmark S&P BSE Sensex at 1305 hours. The metal index has touched a one-month low of 9,827 in intra-day trades and fallen 6% in the past one week.
The London Metal Exchange LMEX, comprising copper, aluminum, lead, tin, zinc and nickel, has dipped 2.5% in the past five trading sessions from 3,121 to 3,043 on Thursday.
According to media reports, the Chinese Academy of Social Sciences (CASS), one of Beijing's top government think tanks, has revised its 2014 GDP growth forecast down to 7.4%, below the official 7.5% target, and said that growth could slow to as low as 7%.
Among individual stocks, JSPL has tanked 6% to Rs 241 on the BSE. Tata Steel has dipped 3% at Rs 390, followed by Hindalco Industries (2% at Rs 132), Hindustan Zinc (1.5% at Rs 127) and Sesa Sterlite (1% at Rs 183).
Jindal Steel and Power (JSPL), Tata Steel, Hindalco Industries, and Sesa Sterlite are down 1-6% each on the Bombay Stock Exchange (BSE).
The BSE metal share index S&P BSE Metal, the largest loser among sectoral indices, has corrected 1.23% compared to a 0.22% rise in benchmark S&P BSE Sensex at 1305 hours. The metal index has touched a one-month low of 9,827 in intra-day trades and fallen 6% in the past one week.
The London Metal Exchange LMEX, comprising copper, aluminum, lead, tin, zinc and nickel, has dipped 2.5% in the past five trading sessions from 3,121 to 3,043 on Thursday.
According to media reports, the Chinese Academy of Social Sciences (CASS), one of Beijing's top government think tanks, has revised its 2014 GDP growth forecast down to 7.4%, below the official 7.5% target, and said that growth could slow to as low as 7%.
Among individual stocks, JSPL has tanked 6% to Rs 241 on the BSE. Tata Steel has dipped 3% at Rs 390, followed by Hindalco Industries (2% at Rs 132), Hindustan Zinc (1.5% at Rs 127) and Sesa Sterlite (1% at Rs 183).
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