Metal stocks plunge over 4% on sluggish China growth data

Metal stocks Tuesday slipped over 4 per cent, mainly due to weak macro data as China reported slowest GDP growth in 28 years.

The loss in the metal stocks was led by Jindal Steel and Power Ltd as it fell 4.53 per cent to end at Rs 137.90 on BSE.

Vedanta Ltd shed 3.50 per cent to Rs 191.45, while Tata Steel lost 3.13 per cent to settle at Rs 456.80.

Among others, Hindustan Zinc went down by 2.76 per cent to Rs 260.75 and JSW Steel ended 2.46 per cent lower at Rs 277.75.

Shares of SAIL dropped 2.23 per cent to Rs 48.30 apiece and that of Hindalco Industries slid 1.88 per cent to close at Rs 203.15.

Led by losses in these stocks, BSE Metal index ended 2.31 per cent lower at 10,791.98.

China is the largest buyer of most base metals.

"Metal prices have been weak owing to weak macro data as China reported slowest GDP growth since 1990. Also, IMF cut global GDP forecast by 20 basis points to 3.5 per cent amid downside risk due to trade war and no Brexit deal", MOFSL analyst Sanjay Jain said.