CNX Metal index hits two-year low

CNX Metal index has tanked 40% so far in 2015 against 7% fall in the CNX Nifty.

Metal shares continue to remain under pressure with the CNX Metal index hits two-year low, down more than 2% on the National Stock Exchange (NSE), amid weakness in China and depressed commodity prices the world over.

At 09:37 am, CNX Metal index was down 2.2% at 1,606 as compared to 1% decline in CNX Nifty. The metal index hit an intra-day low of 1,595, its lowest level since August 2013.

Thus far in 2015, CNX Metal index has tanked 40% against 7% fall in the benchmark index.

Among the individual stocks, Vedanta and JSW Steel were down 4% each, while National Aluminium Company, Tata Steel, Hindalco Industries, NMDC and Steel Authority of India (SAIL) were down 2%-3%.

Coal India, Hindalco Industries, Jindal Steel and Power and Bhushan Steel are trading at their 52-week lows on the BSE.

China's industrial profits declined in August as product prices continued to decrease. Industrial profits fell 8.8% in August from a year ago, following a 2.9% drop in July. Worries over China prompted further weakness in commodity prices, Angel Broking said in a client note.