India's Nifty Index Slides From Record as Metal Shares Decline

  • BSE Metal Index falls most among 13 sector gauges BSE compiled
  • NSE Volatility Index climbs the most in more than four months

Morse Says Oil Move All Technical, Not Fundamental

Indian metal shares tracked a decline in global commodity prices, dragging the key NSE Nifty 50 Index from its all-time high. Oil and gas producers also retreated.

Nifty index dropped 0.8 percent at the close in Mumbai, while the benchmark S&P BSE Sensex fell 0.9 percent. The BSE metal gauge of 10 companies declined 2.5 percent to a four-month low and the S&P BSE Oil & Gas Index retreated 1.6 percent, its third day of losses. Oil & Natural Gas Corp. fell 2.7 percent as crude futures hovered just above $45 a barrel.

Tata Motors Ltd. dropped 3.9 percent, the most in almost three months, after saying sales of its luxury Jaguar Land Rover cars declined in April. It was the worst performer on the Sensex.

“Commodity stocks have followed the correction in prices globally including the crude oil, resulting in a selloff in these counters,” said Purvesh Shelatkar, senior vice president of institutional sales at Centrum Broking in Mumbai. The Bloomberg Commodity Index rebounded from yesterday’s lowest level in more than seven months.

The India VIX Index, a gauge of expected stock-price swings, rose 5.8 percent, the most in more than four months.

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