Metals stocks lose shine

Metal stocks have tanked big time today, along with the big fall on the bourses. They both seem to be plummeting down together.

Hindalco is down currently almost 5% at Rs.111.10, its current intra day low. JSW Steel is also ruling closer to its intra day low of Rs.862, Vedanta is at its low point of the day at Rs.169.75,  and Tata Steel is down 2.5% at Rs.291, with an intra day low of Rs.287.

Metals stocks have lost all their shine to the ongoing crisis in Greece. This is a very “geopolitical ” sensitive sector, almost like oil; the moment things go bad anywhere, the prospect of their exports getting hit rises. And currently these markets have been down persistently and this current saga of Greece has only raised uncertainty further. The slowing down of China is also a major concern for this sector.