Analysts at SBICAP Securities, for instance, think the pressure on prices from imports in the near term will be lower due to logistics disruption in exporting countries. However as the logistics normalise, given the lower global prices and lack of demand domestically, domestic prices may come under pressure.
"Nevertheless, the general market expectation is that Chinese government could announce stimulating measures which could eventually lift steel prices globally going into Q2CY20," the brokerage firm said metals & mining sector update.
Meanwhile, Exide Industries and Apollo Tyres from the Nifty Auto
index hit their respective 52-week lows. Tata Motors, Bosch, Motherson Sumi Systems, Ashok Leyland, Hero MotoCorp, Eicher Motors and MRF from the index skid more than 5 per cent on the NSE.
Disruption in supply of parts from China due to COVID-19 and switch to BS-VI norms adversely affected automobile sales in February 2020. Analysts at Dolat Capital expect the recovery in the PV segment to be faster than the 2W/CV segments.
PVR, INOX Leisure, Zee Entertainment Enterprises, Balaji Telefilms, Dish TV Network, TV18 Broadcast, Network18 Media & Investments and Sun TV Network were down in the range of 5 per cent to 10 per cent in intra-day trade.