MUMBAI: With a fall in the automobile sales in the international market seems to have impacted the metals sector hard, as most of the metal stocks on the Indian Bourses traded in red in the opening trading session.
The benchmark index Sensex opened weak in the morning session and fell 184 points or 2.07% to 8707.13. BSE metals index witnessed a heavy fall of close to 3% at 4562.44 as metals stocks kept sliding in the opening sessions on BSE.
Steel companies including Tata Steel Ltd and JSW Steel Ltd were among the highest losers in the sector, as the stocks plunged by 3.97% and 5.2% respectively.
Jindal Steel & Power Ltd witnessed a fall of 3.8% to Rs.1003.5, while public sector major Steel Authority of India Ltd (SAIL) fell to Rs.73.6 down by 3.16%.
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Steel prices on the Indian commodity exchanges remained low for the Futures contract at Rs.23670 per MT for April contract on MCX against Rs.28830 per MT in the spot market.
Other metals stocks including Sterlite Industries Ltd fell by 2.5% to Rs.238.85 and Hindalco Industries Ltd fell by 1.5% to Rs. 38 in the morning trading sessions on the BSE.
