Auto, metal stocks slide amid global concerns

Friday, November 21, 2008 at 4:11 am under Business News Auto, metal stocks slide amid global concerns

Tracking weak market sentiments, auto and metal stocks ended in the negative territory on the Bombay Stock Exchange on November 20 (2008), as investors started pulling out money from the market. The auto index settled 4.14 per cent down at 2,252.97 points, while metal index lost 4.18 per cent at 4,250.49 points on the BSE.

Marketmen expressed concerns that the bailout bill of the US auto majors have been stalled by the Senate, and domestic currency depreciation have added to the woes of the investors.

Among the auto stocks, Tata Motors was down by 6.47 per cent at Rs 126.45. The scrip had touched a low of Rs 122 and over six lakh shares got traded. Also, Maruti Suzuki closed at Rs 482.85 (down 6.52 per cent), after witnessing a low of Rs 468.25. Besides Maruti Suzuki, stocks of Hero Honda, Bharat Forge and Baja Auto were down by 5.21 per cent, 8.15 per cent and 5.41 per cent respectively.

Similarly metal stocks, led by Sterlite Industries which declined 7.96 per cent, further fell in the range of 3-8 per cent. Meanwhile, Jindal Steel settled at Rs 661.35 (down 7.48 per cent in the market), after touching an intra-day low of Rs 638.05. Among the others stocks, which felt the heat of the plunging market were JSW Steel, slipped by 7.21 per cent, Sesa Goa by 7.47 per cent, Tata Steel by 2.44 per cent and Gujarat NRE Coke by 8.24 per cent.

Some of the metal stocks which defied trends, are NALCO (going up 3.63 per cent at Rs 156.90) and Jindal Saw (gaining 0.29 per cent at Rs 274.30).

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