Sell off metals, especially steel: Ambareesh Baliga

Good set of numbers coming out the whole of day today and aside of an ITC or probably an ICICI Bank, the others not reacting too well to the numbers?

Ambareesh Baliga: Basically like if the numbers are good what happens is the stock reacts to that I mean moves up a bit and in the next 1 or 2 days you see that stock again coming down and at the same time if the numbers are bad that stock is immediately hammered so there is no way that you see these stocks continuously moving up in spite of good numbers and that is exactly what we have seen in the last 2 weeks.

What happens to metals, is it essentially unwinding in the commodity space ahead of the FOMC meet which is leading to even the stocks doing what they are doing Hindalco, Tata Steel, SAIL everything is down the drain?

Ambareesh Baliga: Looks like it and if you talking of SAIL particularly I think it is clearly because of the sort of results which came out, pathetic set of results and again with the fall on offer which is expected. There is no way that the stock can perform but overall we have been negative on metals as such and especially steel and even at these levels we are suggesting a sell.