The Nifty Metal index slumped 4.94% to 2,483.30 amid the coronavirus contagion fears and its impact on the global economy.
Jindal Steel & Power (down 8.64%), JSW Steel (down 6.87%), Steel Authority of India (down 6.17%), Tata Steel (down 5.34%), Vedanta (down 5.24%), Hindalco Industries (down 4.77%), Hindustan Copper (down 4.65%), National Aluminium Company (down 4.25%), NMDC (down 2.67%), Coal India (down 2.65%) and Hindustan Zinc (down 0.96%) declined.The Nifty 50 index was down 242.45 points, or 2.01% at 11,838.40.
Prices of industrial metals have come under pressure as mounting fears that the new flu-like virus will grow into a pandemic have heightened worries of a slowdown in global economic growth. China is reportedly the largest producer and consumer of industrial metals. Given such a dominant market share any slowdown in the Chinese economy has a major impact on metal prices and global markets.
Meanwhile in China, the center of the epidemic, the National Health Commission reported an additional 150 deaths and 409 new confirmed cases as of 23 February. In US, stocks slumped on Friday as the spread of the COVID-19 epidemic from China to neighboring countries amplified worries about the impact on supply chains and global economic growth.
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