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The BSE Metal index fell 1.3 percent on Friday and aluminium maker Hindalco Industries slipped more than 5 percent in intra-day trade, largely tracking a fall in international metal prices.
Base metals fell an average 1.9 percent, with copper reversing the previous session’s gains ahead of U.S. GDP data and next week’s pivotal FOMC meeting.
Metal index stocks which ended the day in the red were Hindalco (down 2.7 pct), SAIL (down 3.8 pct), Tata Steel (down 2.4 pct), and Bhushan Steel (down 2.43 pct).
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Metal stocks surged higher as major steelmakers planned to raise
prices this month citing firm global rates and rising input costs,
company officials told Reuters on Thursday.
Steel Authority of India (SAIL) has cut discount by 1,000 rupees a
tonne on flat products while JSW Steel raised prices by 3-4 percent on
higher international prices and input cost.
BSE Metal index dropped 4 percent while the broader index closed down 1.9 percent lower on Monday as investors joined a global sell-off after weak U.S. jobs data and concerns over a potential debt crisis in Hungary hit risk appetite.
Shares of metal manufacturers were trading sharply lower as London copper slumped to near eight-month lows and Shanghai metals hit their downside limit.
The BSE Metal index dropped 5.1 percent on Tuesday, the lowest among the sectoral indices.
The BSE Sensex also dropped to its lowest in more than three months as renewed fears over Europe’s debt woes triggered worries foreign portfolio investors will step up their withdrawals.