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Metal stocks struggle in trade

May 3, 2010

Metal companies fared badly at the bourses on Monday, causing the BSE Metal Index to drop nearly 2 percent.

Iron ore firm Sesa Goa ended as the top loser in the index, dropping more than 6 percent to 401.55 rupees. Gujarat NRE Coke shares slipped 4.3 percent.

Only three stocks in the index – JSL, NALCO and SAIL – closed in the positive.

Among other top firms, Sterlite Industries ended down 2.4 percent while Tata Steel slipped 1.6 percent.

The Metal index, which closed the day as the top sectoral loser, has dropped 5 percent since mid-April and has underperformed the BSE Sensex. In comparison, the benchmark index has dropped 2.4 percent over the same period.

Would you take advantage of this fall and invest in this sector?

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