Commodity Online
MUMBAI: Steel stocks led the bearish run in the markets as economic uncertainty across the globe hit the metal demand from the producers.
Leading steel stocks turn red during the afternoon trading session on the BSE following which markets continued swinging between positive and negative levels. Sectoral index, BSE Metals fell over 2% to 11721 points due to across the sector weakness.
Steel Major, Tata Steel Ltd fell by close to 3.5% at Rs.435.40, while Jindal Steel and Power Ltd shed over 2% at Rs.2566 during the afternoon trading session on the BSE. Similarly, JSW Steel fell by 3.26% to Rs.660.40, while Welspun Gujarat Stahl Rohren Ltd recorded moderate loss at Rs.214.30 down by 1.65%.
The weakness in the metal sector was attributed to the global cues, which was reflected in Asian stocks today, which fell for the third consecutive day on a prediction of rising unemployment by US president Barak Obama.
Obama, in an interview to Bloomberg News had predicted a 10% unemployment rate even as he had mentioned about the beginning of the recovery. However, he is yet to unveil his plan to revamp financial market regulations today.
