Commodity Online
MUMBAI: Metal stocks remained gripped in the widespread weakness on the bourses despite Sensex started recovering from the day’s lowest levels.
The sectoral index BSE Metals fell by 3.26% at 10424 points following heavy sellout in the metals stocks.
National Aluminium Company Ltd fell by 5.66%, JSW Steel down 5.10%, Sesa Goa down 4.48%, Hindustan Zinc down 4.43%, Ispat Industries down 4.11%, Tata Steel down 3.52%, Welspun Gujarat Stahl Rohren down 3.18%, Steel Authority of India down 2.47%, and Jindal Steel & Power down 2.29% during the initial trading sessions on the BSE today.
Meanwhile, Sensex recovered sharply in afternoon trade tracking gains in European stocks and higher US futures. The benchmark index was trading with loss of 62.26 points or 0.45%, up close to 250 points from the day's low and off close to 30 points from the day's high.
The BSE Metal index had surged by 10.63% over the past one month till 22 June 2009, while it had zoomed by 104.85% during past one quarter.
The metal prices are reportedly expected to be under pressure later in the day as concerns about the global economy and slowing demand is expected weigh on sentiment.
Demand concerns were reinforced after China's imports of refined copper surged to a record level for the fourth straight month in May, and gave rise to worries that buying from the largest consumer may dry up after months of record imports.
