Nifty Metal dives 5% amid lower base metal prices, rising Covid cases; Adani Enterprises, SAIL, NALCO slip 9% each

Adani Enterprises, SAIL and NALCO nosedived around 9% each. These three stocks were also top underperformers on the index.

Apr 12, 2021 01:04 IST India Infoline News Service

Nifty Metal index was trading on a hotbed led by broad-based selloff across stocks on Monday tracking overall bearish markets. The performance comes amid lower base metal prices globally and a rapid surge in Covid-19 cases across India indicating a renewed lockdown in some states.

At around 1.51 pm, Nifty Metal was trading at 4,230.75 down by 5.30%. The index has tumbled to an intraday low of 4,199.05.

Adani Enterprises, SAIL and NALCO nosedived around 9% each. These three stocks were also top underperformers on the index.

Vedanta slipped a little over 8%, while NMDC dipped by 6%.

Stocks like APL Apollo, MOIL, Hindalco and Hindustan Zinc plunged between 5.5-6%.

Tata Steel and Welspun Corp shed by 4.2% and 4.3% respectively.

JSPL fell by 3.8%, while Coal India and JSW Steel skidded by 3.6% and 2.5% respectively.

Ratnamani Metal was the only stock in green, however, traded on a flat note.

Base metals at the global front slipped due to higher US dollar amid rising US Treasury yields.  

Overnight, at the Shanghai Futures Exchange, Copper dropped 0.88%, zinc tumbled 0.18%, nickel shed 0.84%, lead skid 0.5% and tin dived 2.02%, while aluminium edged higher 0.03%.

Similarly, base metals at the London Metal Exchange on Friday closed lower. Copper contracted 0.89%, aluminium shed 0.72%, zinc weakened 0.86%, nickel dropped 1.07%, lead slipped 0.18% and tin lower by 0.04%.

Overnight, India posted a record of 1,68,912 Covid-19 infections, as per the health ministry data. India has overtaken Brazil and once again become the second-most affected country to be affected by coronavirus globally. The latest active Covid cases would also be the highest single-day rise so far. India's Covid cases surge to total 1,35,27,717.

Many states are in talks to impose a complete lockdown. Maharashtra government is set to meet on Wednesday to discuss and provide further approval for the imposition of lockdown.

Focus has also shifted to the March 2021 quarter results of India Inc. 

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