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Nifty Metal index drops over 2%; Jindal Steel fell 6%

The Nifty Metal index is trading with losses in the late morning trade, as selling pressure is seen in Jindal Steel, SAIL and JSW Steel. The index is down over 2% at 2,253.05 levels.

Jindal Steel dropped 6% and is among the top losers in the metal index. SAIL fell 3%, followed by JSW Steel and NMDC, which tanked 2% each.

NMDC, MOIL, Hindustan Copper, Hindalco, and Tata Steel were down 2% respectively, also NALCO, Jindal Stainless Hisar and Hindustan Zinc were down 1% each.

Copper prices steadied in today’s trade but remained near two-year lows on worries about damage to industrial activity and demand from the prolonged US-China trade war.

US President Donald Trump on Monday predicted a trade deal with China after positive gestures by Beijing, calming global markets that have been roiled by new tariffs from the world's two largest economies. Reacting to this news, the metal index rallied on Tuesday.

Meanwhile, the stock market is trading lower tracking weakness in global markets ahead of August F&O expiry. The Sensex slipped 147 points at 37,495, while the Nifty fell 42 points at 11,064.

About 764 shares have advanced, 929 shares declined, and 421 shares are unchanged.

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