Nifty Metal dives 3% on broad-based selloff; Hindustan Zinc tumbles 4% after Q3 earnings

A broad-based selloff was recorded across Nifty Metal with Hindustan Zin being the top underperformer after the Q3 earnings.

Jan 21, 2021 03:01 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Metal stocks were under pressure on Thursday as investors booked profit in major stocks. A broad-based selloff was recorded across Nifty Metal with Hindustan Zin being the top underperformer after the Q3 earnings announcement.

At around 3.11 pm, Nifty Metal was trading at 3,351.25 down 2.5%. The index has tumbled to an intraday low of 3,359.90.

Hindustan Zinc led the underperformers pack, diving by 4% despite the company reported 29.13% growth yoy in Dec-20 quarter consolidated revenues at Rs6,033cr. For the Dec-20 quarter, the consolidated operating profits were up 55.44% at Rs2630cr. This was on the back of higher sales revenues with costs in check.

Further, major stocks like NMDC, Tata Steel, Hindustan Copper, Coal India and SAIL dipped between 2-3%.

While Midhani, JSW Steel and MOIL plunged from 1-2%.

Nearly 1% drop each was seen in Ratnamani, JSPL and Hindalco.

On the other hand, NALCO surged by 5.5% emerging as top gainer followed by APL Apollo which contributed over 2% gain. Welspun Corp advanced marginally.

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