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Metal shares slide as profit booking halts recent rally
Indian metal stocks declined sharply as profit booking, weak global cues and China demand worries pushed the Nifty Metal index lower after recent gains.
Metal stocks corrected sharply on Thursday, snapping a three day rally in the sectoral index. Shares of Hindustan Copper, NALCO and other metal producers fell up to 10 percent as investors booked profits. Weak global cues, softer commodity prices and concerns around Chinese demand weighed on sentiment. Rising bond yields also reduced risk appetite, triggering broad based selling across metal counters during afternoon trade sessions.