Nifty Metal gives up record-high gains as bears take control; Welspun Corp, MOIL, Hindustan Zinc weigh

The index has retreated from its over 5,000-mark and has plunged to an intraday low of 4,886.35.

May 04, 2021 02:05 IST India Infoline News Service

Bear Market
Nifty Metal was the top bull of Tuesday's early trading session, however, the index gave up early gains with bears now taking control in the second half of the day. The index has retreated from its over 5,000-mark and has plunged to an intraday low of 4,886.35. The index has also halted its winning streak of past days.

At around 2.46 pm, Nifty Metal was trading at 4,912.30 down by 40.15 points or  0.81%.

During the first half of Tuesday's session, the index had gained to a record high of 5,048.30.

On the index, Welspun Corp was the top underperformer tumbling by 4.4%. MOIL and Hindustan Zinc followed with 3.9% and 3.1% downside.

APL Apollo dived by 2.6%, while Hindalco and JSPL slipped by 1.9% and 1.8% respectively. Vedanta and NALCO weakened by 1.4% and 1.5%. Ratnamani shed over 1%.

JSW Steel dropped nearly 1%, while NMDC fell by over 0.5%.

Coal India was the top gainer soaring by 0.5%, whereas stocks like Adani Enterprises, Tata Steel and SAIL followed with a marginal upside.

Metal company stocks have been in a significant run since early February with steel prices picking up momentum. A host of factors such as improvement in the commodity cycle, rising steel prices, and strong demand has played a major role in the bull run of this sector.

The sector even defied the second wave of the Covid-19 pandemic in the country. Corporate earnings season also had its share of swaying the sentiments.

However, at the current level, the sector witnesses investors booking their profits. 

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