Nifty Metal extends loss, index tumbles near 1% as investors bet cautiously; NMDC top gainer; SAIL, Tata Steel laggard

The index has touched an intraday high and low of 5,518 and 5,347.40 respectively.

May 12, 2021 02:05 IST India Infoline News Service

Bear Market
Nifty Metal continued to witness correction on Wednesday due to broader bearish markets as inflation worries emerge. Nonferrous metals at Shanghai and London commodity exchange performed on a mixed note as investors bet cautiously amid growing inflation concerns.

At around 2.47 pm, Nifty Metal was performing at 5,360.30 down by 1.7%. The index has touched an intraday high and low of 5,518 and 5,347.40 respectively.

The index has pulled back from its record high of 5,524.25 which was witnessed earlier this week.

NMDC was the top gainer soaring 3.5% followed by Hindustan Zinc surging 3%. MOIL climbed 1.6%.

On the contrary, SAIL was the top underperformer plunging 4.5% followed by Tata Steel and Ratnamani diving by nearly 2.8% each. JSPL dipped by 2.7%, while NALCO fell 2.6%.  Hindalco shed more than 2.1%.

Adani Enterprises, Coal India and Welspun Corp slipped between 0.4-1%. While Vedanta was marginally down and APL Apollo traded on a flat note.

At the Shanghai Future Exchange, overnight, Aluminium shed 0.48%, zinc weakened 0.24% and lead fell 0.32%, while nickel jumped 0.56%, tin increased 0.81% and copper advanced 0.34%.

Meanwhile, at the London Metal Exchange, Copper strengthened 1.54%, aluminium climbed 0.1%, tin rose 0.67%, zinc edged up 0.55% and nickel surged 1.49%, while lead dipped 0.02%.

The government will present CPI Inflation data for April 2021, while IIP data for March 2021 later today.

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