Chinese fears take sheen off Hindalco

DALAL STREET SPIKES

Aluminium major Hindalco was among the major Sensex stock losers, dipping nearly 10 per cent in intra-day trades on aggressive selling by hedge funds. After touching the day's low of Rs 991, the stock closed at Rs 1,030, down 6.32 per cent from its previous close.

The counter witnessed a volume of 13.2 lakh shares on the BSE. Market analysts said most commodity stocks were hammered on the BSE on fears that the slowdown in China will impact profit earning of commodity companies.

US Federal Reserve chairman Allan Greenspan, too, had expressed concerns on Saturday that the slowdown in China will have an adverse impact on commodity companies worldwide.

Tata Steel, too, ended 3.93 per cent lower to close at Rs 332.25 with a volume of 45.1 lakh shares. Globally aluminum prices have fallen and players expect the weakness to continue, said analysts.