The Nifty Metal index slipped nearly 3% on the back of selling pressure seen in Jindal Steel, Vedanta, SAIL and JSW Steel. The index is down ~3% at 2,449.15 levels.
Jindal Steel dropped 6% and is among the top losers in the metal index. Vedanta fell 5%, followed by SAIL, Tata Steel and Hindalco, which tanked 3-4% each.
As per media reports, China's industrial profits declined by 2% yoy in August, in contrast to July's 2.6% as trade disputes with the United States weighed on the corporate sector, data from the National Bureau of Statistics showed Friday.
Further, top trade representatives from the US and China are expected to meet in early October to resume trade talks. Investors will be hoping the two countries can reach an interim deal to cool off trade tensions and potentially end their long trade war.
Coal India, Hindustan Copper, Hindalco, JSW Steel and NALCO were down in today’s session.
On the flip side, MOIL, NMDC, Hindustan Zinc and APL Apollo were trading in the positive territory.
Key indices reversed early gains and hit day’s low in the morning trade. The Sensex slipped 125 points at 38,864, while the Nifty fell 44 points at 11,527.
About 641 shares have advanced, 1033 shares declined, and 440 shares are unchanged on the NSE.
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