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Shares of metal companies were trading under pressure with most of the frontline firms like Tata Steel, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Coal India and Hindustan Zinc hitting their respective 52-week lows as Chinese economic growth tanked to a three-decade low.
At 12:23 pm; Nifty Metal index, the largest loser among sectoral indices, was down 2.55 per cent at 2,871 points, as compared to 0.76 per cent decline in the Nifty 50 index. The metal index hit an intra-day low of 2,864, its lowest level since June 27, 2017 on the National Stock Exchange (NSE). In past one month, Nifty Metal index tanked 10 per cent against 1 per cent rise in the benchmark index.
After witnessing a sizzling double-digit growth for three decades, the Chinese economy has been on a downturn over the years as the country deals with bad debts and a decline in exports, IANS reported. CLICK HERE TO READ FULL REPORT
At 12:23 pm; Nifty Metal index, the largest loser among sectoral indices, was down 2.55 per cent at 2,871 points, as compared to 0.76 per cent decline in the Nifty 50 index. The metal index hit an intra-day low of 2,864, its lowest level since June 27, 2017 on the National Stock Exchange (NSE). In past one month, Nifty Metal index tanked 10 per cent against 1 per cent rise in the benchmark index.
After witnessing a sizzling double-digit growth for three decades, the Chinese economy has been on a downturn over the years as the country deals with bad debts and a decline in exports, IANS reported. CLICK HERE TO READ FULL REPORT
