New Delhi: Dive metal index almost 7 percent to the lowest level in more than a month on Monday.
Tata Steel is the biggest loser in the sensex package down to 10 percent after raw prices for steel making it down when China, the world’s top steel maker, shows it can expand strict air pollution control to more cities.
Tata Steel shares add 132 points or 9.53 percent to close at Rs 1,253.35 in BSE.
Meanwhile, finished 139 points or 10 percent lower at Rs 1,247.35 on NSE.
Read Alsosensex Plunges 525 points as metal, bank stocks fall; Nifty ended under the 17,400 index robbing on Monday with BSE Sensex benchmarks falling more than 500 points dragged by metal shares and banks.
The 30-share BSE index fell 525 points or 0.89 percent to close at 58,491; While the wider NSE settled 188 points or 1.07 percent lower at 17,397.Apart from Tata Steel, JSW Steel also lost 7.7 percent and Hindalco fell 6.1 percent during the day.
The metal index fell when iron ore futures in China reached the lowest level of nine months last week after steel output in the largest steel producer in the world continued to launch, worsen concerns about raw material requests.
China’s monthly raw steel production slipped for the third consecutive month to 83.24 million tons in August, data from the National Bureau of Statistics showed, sent the average daily output to the lowest since March 2020.
In addition, concerns over the fate of Chinese real estate Evergrande is the main and the impact on the second largest economy in the world attracts the price of global commodities.
Also read Everchina Evergrande shares Dive up to 11-year low because the risk of the default Growevergrande has scrambled to raise funds to pay a lot of lenders, suppliers, and investors, with regulator warnings that $ 305 billion obligations can trigger a broader risk of the country’s financial system If it does not stabilize.
Evergrande has dropped 10.2 percent after previously losing as much as 19 percent to more than 11 years low.
The registered company units also fell, as investors were worried about the ability of real estate developers to pay a small portion of a $ 305 billion debt due on September 23.
Evergrande’s problem adds anxiety about China’s economic health after Beijing.
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The Hang Seng index spilled 3.3 percent.
Taking a signal from the global market, the Nifty Realty index also dropped 2.14 percent during the day.