Steel companies witnessed a contraction in margins, dragged down by lacklustre demand and lower global commodity prices
Besides, ease in trade tensions between the United States and China lifted market sentiment.
Tata Steel, Vedanta and SAIL have seen sharp fall in their stock prices in the recent months.
The Nifty Metal index faces strong resistance at its 100-days moving average, currently located at 3,040 levels. The overall chart formation indicates a breakdown of "Head and Shoulder pattern