Metal shares under pressure; CNX Metal index down 3%

Sesa Sterlite, Tata Steel, Hindalco, SAIL, Jindal Steel and JSW Steel are down 2-5% on the National Stock Exchange.

Shares of metal companies are under pressure, falling by up to 5% on the bourses on the National Stock Excahgne (NSE) on China slowdown fears.

Sesa Sterlite, Tata Steel, Hindalco Industries, Steel Authority of India (SAIL), Jindal Steel and Power (JSPL) and JSW Steel are down 2-5% on the NSE.

At 1503 hours, CNX Metal index, the second largest loser among sectoral indices, was down 2.9% or 81 points compared to 1% decline in the benchmark CNX Nifty.

According to Reuters report, China looks set to miss its growth target this year for the first time since 1999, and full-year growth is likely to be the weakest in 24 years. The government last cut its annual growth target in 2012, to 7.5% from the 8% it had kept for eight years.

Among the individual stocks, Sesa Sterlite dipped 5% to Rs 221, while Tata Steel slipped 4% to Rs 436 on NSE. National Aluminium, Jindal Saw, Hindalco Industries, GMDC, SAIL and JSPL are down 3% each.