After a long weekend, the metal index and the overall market opened in the red.
Stock market experts explained that metal stocks will take time to re-rate their prices and it is better to avoid metal stocks at present.
Mayur Joshi of Angel Broking said that the inherent problem with the industry is the underlying demand, which is still extremely weak.
However, on March 22, the metal index had hit its 7-month high. That is why this fall in price can be considered as a normal correction.
The S&P BSE Metal index decreased 299.41 points (3.92%) to close at 7,343.78 on March 28 from the previous closing of 7,643.19. The highs and lows on March 28 were 7,674.91 and 7,312.89 respectively.
Global markets such as CAC, DAX and FTSE all were trading down 1-2%. Following the same trend, The Sensex also came down a lot.
The Sensex decreased 371.16 points (1.46%) to close at 24,966.40.
On March 28, all the stocks on the S&P BSE Metal closed in the red. The maximum loss was registered by Vedanta, with the stock, decreasing 9.04% to close at Rs 88.05.
Movement of S&P BSE Metal over the last one year:
Price movement of stocks on S&P BSE Metal on March 28:
Company Name |
Industry |
Last |
Change |
%Chg |
Mkt Cap |
|
|
Price |
|
|
(Rs cr) |
Coal India |
Mining & Minerals |
293.55 |
-4.05 |
-1.36 |
185416.9 |
Hind Zinc |
Metals - Non Ferrous |
167.85 |
-1.75 |
-1.03 |
70921.98 |
Hindalco |
Aluminium |
83.35 |
-7.9 |
-8.66 |
17211.66 |
Jindal Steel |
Steel - Sponge Iron |
60.25 |
-1.95 |
-3.14 |
5512.3 |
JSW Steel |
Steel - Large |
1227.7 |
-20.15 |
-1.61 |
29676.22 |
NALCO |
Aluminium |
37.45 |
-1.15 |
-2.98 |
9651.76 |
NMDC |
Mining & Minerals |
98.35 |
-3.5 |
-3.44 |
38992.98 |
SAIL |
Steel - Large |
42.5 |
-2.7 |
-5.97 |
17554.73 |
Tata Steel |
Steel - Large |
300.05 |
-16.55 |
-5.23 |
29141.32 |
Vedanta |
Mining & Minerals |
88.05 |
-8.75 |
-9.04 |
26104.13 |