Steel companies witnessed a contraction in margins, dragged down by lacklustre demand and lower global commodity prices
Metal stocks gained after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war.
Tata Steel, Vedanta and SAIL have seen sharp fall in their stock prices in the recent months.
The Nifty Metal index was the top sectoral gainer on NSE, with 14 constituents trading in the green and 1 in the red.
From an investment perspective, analysts caution against the steep valuation at which some of these stocks are trading at.
JSW Steel, Jindal Steel and Power, Steel Authority of India (SAIL), Jindal Stainless (Hisar), NMDC and Hindalco Industries from the Nifty Metal index were down over 3% on the National Stock Exchange