BSE metal index is reeling under pressure on Wednesday. It is the worst performer amongst the sectoral indices, down by more than 2%.
Vedanta, Tata Steel and Hindalco together are contributing to almost 60% of BSE metal index fall.
NMDC is the top loser in the index and down by more than 4.5% whereas Jindal Steel is down by nearly 4.1% on an intra-day basis.
The metal stocks saw short built up positions on Tuesday's trade. The base metal futures were seen reeling under pressure on Multi Commodity Exchange and London Metal Exchange even as China reduced its target GDP growth for the coming fiscal. China is the largest consumer of base metal.
Markets are witnessing profit booking on Wednesday even as broader markets are down tracking global cues.