Metal stocks in a tailspin amid fresh trade jitters stoked by US

New Delhi, Dec 3 () Metal stocks witnessed a massive selling pressure on Tuesday falling up to 6.2 per cent amid fresh concerns over global trade tussle in the wake of slapping of tariffs by the US on imports from Brazil and Argentina.

Among metal companies, Jindal Steel & Power was the top loser as its shares plunged 6.18 per cent, followed by Tata Steel which tanked 5.07 per cent on the BSE.

Also, JSW Steel fell 4.27 per cent, SAIL 3.55 per cent, Vedanta 3.42 per cent, Hindalco Industries 2.39 per cent, Hindustan Zinc 1.19 per cent, Coal India 0.12 per cent and National Aluminium Company 0.12 per cent.

"On the global front, the recent tariffs by the US on steel imports from Brazil and Argentina may make investors jittery over global trade concerns," said Ajit Mishra, VP - Research, Religare Broking.

Led by the losses in these scrips, the BSE metal index closed 2.67 per cent lower at 9,547.41 and was the biggest loser among the sectoral indices.

Geojit Financial Services, Head of Research, Vinod Nair said, "market turned cautious due to global issues like import tariffs by the US on Argentina and Brazil."

In the broader market also, the BSE benchmark index fell by 126.72 points to close at 40,675.45.

"On the back of global worries, metal stocks closed sharply lower," said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities. SUM

SUM ANU ANU