The Nifty Metal index slumped 8.6% to 1,734.70, extending recent losses as the coronavirus outbreak raises global recession fears.
JSW Steel (down 12.54%), Vedanta (down 9.67%), Tata Steel (down 9.65%), Jindal Steel & Power (down 8.98%), Hindalco Industries (down 7.82%), Steel Authority of India (down 6.62%), Coal India (down 6.38%), Hindustan Zinc (down 4.32%), National Aluminium Company (down 2.29%) and NMDC (down 0.79%) were top losers in metal segment.The Nifty 50 index tanked 774.1 points or 7.78% to 9,181.10.
The Nifty Metal index has crashed 33.63% in last one month as compared to a 24.21% fall in Nifty 50 index.
Prices of industrial metals continued to remain under pressure as countries failed to contain COVID 19 virus which can heighten 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. With factories closed and the movement of people and freight restricted to slow the spread of the new coronavirus, China's demand for base metals has plummeted.
Coronavirus which started in central China, has spread to the rest of the world. The epidemic has grown to infect over 170,200 people with 6,526 fatalities.
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