Indian shares closed nearly 2 percent lower, falling below a crucial support level, as a panic-induced sell-off in China hurt domestic sentiment on Dalal Street.
The
Metal stocks, already reeling at multi-year lows, took another punch on their face as the world's biggest consumer of all things mineral and metal -- China -- went through a strong bout of volatility. Vedanta plunged 9 percent in trade. SAIL, Hindalco, NMDC,
Chinese stocks markets closed 5 percent lower in trade today after a series of government initiated measures failed to stem a growing tide of foreigner-led equity sales in the world's second largest market. Chinese stocks are down more than 30 percent since the start of June on fears of excessive valuations and a possible slowdown in
Within the commodities space, underlying metals are in a severe bear market: Copper and Aluminium are trading at 6-year lows. The forward premia on Aluminium have halved to $150/T in global markets as fears of a slowdown in demand.
Meanwhile,
Yes Bank plunged 7.3 percent after a report by global brokerage UBS cut its price target to 740 rupees from share from 1,000 earlier.
However, there were some stocks that bucked the bearish trend: Airline companies enjoyed the bounce as prices of Crude oil, fuel constitutes up to 50 percent of Airline costs, hit 3-month lows. Both
Crompton Greaves posted modest gains on media reports that the company stuck a large deal to supply electrical motors to cement giant Lafarge.
(image credits: emergingequity)