Metal stocks lose lustre as bulls seen unwinding

Most metal shares lagged the recovery in the broad market on Tuesday. Jindal Steel and Tata Steel ended in the red, while JSW Steel closed marginally higher. Buzz is that these stocks are being weighed down by the unwinding of long positions by some prominent bull operators in the last couple of trading sessions.

Having been caught on the wrong foot in the latest market downturn, the operators are said to be trimming their trading positions so as to avoid further mark-to-market losses. Tata Steel shares closed at Rs 533.45, down marginally, and Jindal Steel closed nearly 1% lower at Rs 605.70.

Contributed by Vijay Gurav & Santosh Nair