Hindustan Zinc, Vedanta to NALCO: Why are metal stocks falling today?
New Delhi, Aug. 31 -- Metal stocks including Hindustan Zinc fell nearly 5%, while Vedanta and National Aluminium Company (NALCO) declined close to 4% each. Hindalco dropped around 3% as metal prices weakened following hawkish comments from US Federal Reserve Chair Kevin Warsh, which strengthened expectations that further interest rate hikes may be required.
The Nifty Metal index also came under significant selling pressure, declining more than 2% in intraday trade amid a broader market sell-off.
Hindustan Zinc fell as much as 4.7% to its day's low of Rs.592.05. NALCO declined 3.8% to Rs.369, while Vedanta dropped 3.7% to Rs.276.50. Hindalco shed 3% to Rs.1,005.30. Hind Copper also declined 2.5% to Rs.520.20 during the session.
Gold sli...
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