 "Base metals, Crude oil: Plunge on oversupply")
Shares of metal companies were trading lower on the bourses on profit booking. Vedanta, Hindalco Industries, Steel Authority of India (SAIL) and Bhushan Steel were down more than 2% each, while Tata Steel, Jindal Steel & Power, JSW Steel and NMDC down 1%-2% on the National Stock Exchange (NSE).
At 10:57 AM, Nifty Metal index, the largest loser among sectoral indices, was down 2% as compared to 0.33% decline in the Nifty 50 index.
Till yesterday, the metal index had outperformed the market by surging 19% in March, backed by signs of revival in China's housing market. The benchmark index gained 10% during the same period.
Vedanta, Hindalco Industries, Tata Steel, NMDC and SAIL had rallied more than 23% each.
At 10:57 AM, Nifty Metal index, the largest loser among sectoral indices, was down 2% as compared to 0.33% decline in the Nifty 50 index.
Read more from our special coverage on "METAL"
Till yesterday, the metal index had outperformed the market by surging 19% in March, backed by signs of revival in China's housing market. The benchmark index gained 10% during the same period.
Vedanta, Hindalco Industries, Tata Steel, NMDC and SAIL had rallied more than 23% each.
