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Global metal weakness triggers sharp selloff in Indian miners
Metal shares fell sharply on January 30, with Nalco, Hindustan Copper and Vedanta sinking as global metal prices, China demand worries and profit booking weighed.
Metal stocks slumped sharply on January 30 as Nalco, Hindustan Copper and Vedanta dragged the Nifty Metal index down nearly 5%. Weak global cues, falling base metal prices and concerns over China demand hurt sentiment. Traders also reacted to profit booking after recent rallies and worries about margins amid input cost volatility and currency moves, prompting broad-based selling across producers during late trading hours.