Shares of eight metal companies fell by 0.66% to 4.76% at 15:24 IST on BSE on global growth worries.
Hindalco Industries (down 4.76%), Sesa Sterlite (down 3.93%), Jindal Steel & Power (down 3.72%), JSW Steel (down 3.31%), Tata Steel (down 2.97%), Bhushan Steel (down 3.01%), Steel Authority of India down 1.42%) and Hindustan Zinc (down 0.66%), edged lower.
The S&P BSE Metal index was down 2.51% at 10,812.11. It underperformed the Sensex, which was down 1.53% at 25,947.37.
The S&P BSE Metal index had underperformed the market over the past one month till 14 October 2014, falling 11.45% compared with 2.63% fall in the Sensex. The index had also undeperformed the market in past one quarter, falling 11.80% as against Sensex's 5.37% rise.
The renewed volatility in metal shares is being blamed on concerns that global growth, especially in Asia and Europe, is faltering. Weaker growth could reduce demand for industrial metals.
Weak data from Germany, and predictions from the IMF that global growth would be weaker than expected, have undermined investors' confidence.
Germany reported on 9 October 2014, that its exports fell 5.8% in August, the worst decline since January 2009.
The IMF on 7 October 2014, cut its outlook for global growth in 2015 and warned about the risks of rising geopolitical tensions and a financial-market correction as stocks reach frothy levels.
Meanwhile, data on Wednesday, 15 October 2014, showed that retail sales in the United States fell 0.3% last month on a broad pullback in consumer spending in the world's largest economy.
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