Metals shares melt on dismal global cues

The Nifty Metal index slumped 7.2% to 1,843.95 as the World Health Organization (WHO) declared the coronavirus outbreak a pandemic, raising global recession fears.

Vedanta (down 10.1%), Steel Authority of India (down 9.93%), Hindalco Industries (down 9.64%), NMDC (down 9.28%), National Aluminium Company (down 8.6%), Tata Metaliks (down 8.44%), Coal India (down 7.31%), Jindal Steel & Power (down 6.88%), JSW Steel (down 5.66%), Hindustan Zinc (down 4.71%) and Tata Steel (down 3.32%) were top losers in metal segment.

The Nifty 50 index tanked 684.95 points, or 6.55% at 9,773.45.

Coronavirus which started in central China, has spread to the rest of the world. The epidemic has grown to infect over 126,000 people with over 4,600 fatalities.

US President Donald Trump suspended all travel from Europe, not including the United Kingdom, to the United States for 30 days starting on Friday to fight the virus.

China is the world's top producer and consumer of steel and aluminum. With factories closed and the movement of people and freight restricted to slow the spread of the new coronavirus, China's demand for base metals has plummeted.

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