Continue to be slightly negative on metal space: Sonam Udasi

In a chat with ET Now, Sonam Udasi, Head of Research, IDBI Capital shares his view on metal basket:

ET Now: How would you be viewing the overall metals basket, I mean be it the ArcelorMittal earnings or also the fact that certain fundamentals were very strong, you have seen the likes of Tata Steel see a very strong run-up, its results are due also next week, does this space interest you at all?

Sonam Udasi: We continue to be slightly negative on metals for the simple reason that lot of this positivism is dependent on China data which continues to be very volatile over the last six months. Many of these stocks are also seeing buying interest because many of them like Hindalco for example or a JSW Steel are trading near book or below book and that is what is driving the investor interest.