Metal stocks under pressure; JSPL, SAIL, Prakash Industries hit 52-week low

JSPL, SAIL, Hindalco Industries, Vedanta, NMDC, JSW Steel, National Aluminum, Coal India and Tata Steel from the Nifty Metal index were down in the range of 3% to 6% on the NSE.

Shares of metal companies, mainly the steelmakers, were under pressure with Jindal Steel & Power (JSPL), Steel Authority of India (SAIL) and Prakash Industries hitting their 52-week lows on concerns of a slowdown in demand.

At 11:21 am; Nifty Metal index, the largest loser among sectoral indices, was down 3.4% at 3,124 points, as compared to 0.77% decline in the Nifty 50 index. The metal index erased its entire 2% gain recorded in past two trading days after US and Chinese leaders brokered a truce in their trade conflict.

JSPL, SAIL, Hindalco Industries, Vedanta, NMDC, JSW Steel, National