Metals lose shine in trade; Tata Steel down 3%
DSIJ Intelligence / 09 Feb 2017
CNX Metals lost their sheen in today’s trading session, as it was trading down by close to a percentage point, with heavyweights like Tata Steel and Hindalco dragging the benchmark metal index.
CNX Metals lost their sheen in today’s trading session, as it was trading down by close to a percentage point, with heavyweights like Tata Steel and Hindalco dragging the benchmark metal index.
The secular rally in all the metal stocks in last one month is supported by global rally in commodities and strong quarterly earnings. Stocks have been one of the biggest money making idea in recent months post the slump in the overall commodity prices which occurred in the previous fiscal.
Metals stocks are expected to consolidate at current levels given the sharp run up in the stock prices of companies.
Top Losers are: -
NALCO- Rs 67.95 down 4.95%
Hindalco- Rs 183.85 down 2.75%
Tata Steel- Rs 459.70 down 2.35%
Sail- Rs 65.95 down 1.27%
Vedanta- Rs 249.50 down 1.13%