Nifty Metal dips 3% on broad-based selloff; Adani Enterprises slips 9% after Q2; Hindustan Copper, JSPL, Vedanta, Coal India drag too

The index has scrapped its 5,600-mark and even tumbled to an intraday low of 5,554.65.

Oct 28, 2021 02:10 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Nifty Metal index nosedived on Thursday due to a broad-based selloff amid Q2 corporate earnings and volatility of base metal prices as energy crises become a spoilsport. On the index, only one stock was in the gains while the remaining 14 stocks declined. The index has scrapped its 5,600-mark and even tumbled to an intraday low of 5,554.65.

At around 2.33 pm, Nifty Metal was trading at 5,591.95 lower by 149.95 points or 2.6%.

APL Apollo was the only gainer soaring by 2.4%.

On the downside, Adani Enterprises took lead plunging by nearly 9% followed by Hindustan Copper and Vedanta slipping nearly 4% each. Coal India and JSPL dipped 3% each.

Adani Enterprises registered a 55.3% yoy drop in consolidated profit at Rs194.54 crore in Q2FY22, hit by higher expenses. Consolidated total income increased to Rs 13,597.10 crore in Q2FY22 over Rs 9,312.14 crore of the same period a year ago.

NALCO, NMDC and Hindalco shed around 2% each. Hindustan Zinc fell by 1.7%, while Tata Steel and SAIL dropped 1.6% each. JSW Steel was lower by 1.5%.

Ratnamani and Welspun Corp plummetted around 1% each.

Ratnamani Metals & Tubes, Welspun Corp and APL Apollo Tubes are presenting their financial performance for Q2 today.

A Reuters poll said that copper prices are due to extend their decline next year from record levels touched in 2021 as mine supply ramps up and economic growth tapers in top market China.

Further, reports have stated that Europe’s refined zinc producer Nyrstar plans to trim output in the fourth quarter on the back of rising electricity prices in Europe and higher carbon emissions-related costs. Also, the global energy crisis that has increased sharply worries markets. 

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