Metal stocks decline; Hindustan Copper drops nearly 4 pc

New Delhi, Jul 9 (PTI) Metal stocks ended lower on Wednesday amid concerns after US President Donald Trump unveiled sweeping new measures, including a 50 per cent tariff on copper.

Shares of Hindustan Copper dropped 3.76 per cent, Bhagyanagar India declined 3.03 per cent and ND Metal Industries slipped 2.15 per cent on the BSE.

The stock of Hindustan Zinc declined 2.56 per cent, Hindalco lost 1.92 per cent, National Aluminium Company went lower by 1.90 per cent, Tata Steel dipped 1.82 per cent and APL Apollo Tubes (1.72 per cent).

Shares of SAIL fell by 0.85 per cent, Jindal Stainless (0.67 per cent), Jindal Steel & Power (0.61 per cent) and NMDC (0.59 per cent).

The BSE metal index ended 1.41 per cent lower at 31,200.70.

"The Nifty Metal index declined as metal stocks witnessed selling pressure after the US President announced plans to impose 50 per cent tariffs on copper imports, while having implemented similar duties on steel and aluminium earlier," Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.

In the equity market, the 30-share BSE Sensex fell by 176.43 points or 0.21 per cent to settle at 83,536.08. The 50-share NSE Nifty declined 46.40 points or 0.18 per cent to end at 25,476.10. PTI SUM SUM SHW