| Company | Value | Change | %Change |
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SAIL is the top sectoral loser on the Metal index, trading with losses of 5%, followed by NMDC, which is trading with losses of 4.6%.
Nifty 50 constituents like JSW Steel, Tata Steel and Hindalco are trading with losses between 2% and 3%.
Shares of NALCO, which fell 7% on Thursday and are now in the F&O ban, are down another 2% on Friday. A stock in the F&O ban means no new positions can be created on the stock. Reasons as to why the stock fell on Thursday is explained here.
Global metal prices have been cooling off on reports that China is planing to weaken the Yuan further in comparison to the US Dollar next year. Cautious mood also prevails on the street ahead of the US Fed meet next week and some hotter-than-expected macro data on Thursday.
Nickel was the only metal to rise on the LME, as it held on to earlier gains as China’s leaders signaled additional stimulus measures during a key economic policy meeting.
There was also expectation that some more bolder reforms will be announced at the end of the two-day Central Economic Work Conference, but that has not transpired so far. Most of the measures announced by the Politburo earlier this week were reiterated on Thursday.
With Friday’s fall, the Nifty Metal index has snapped a six-day winning streak and had declined only twice in the last two weeks.
