Nifty Metal index trades flat; Tata Steel, Coal India stock climb

Shares of SAIL, Coal India, NMDC and JSW Steel also rose nearly 1%, followed by NALCO, Hindustan Copper and MOIL.

Oct 15, 2020 11:10 IST India Infoline News Service

The Nifty Metal index gained in a volatile market as buying witnessed in Tata Steel, SAIL, Coal India and NMDC.

Shares of Tata Steel gained on the stock exchange and among top gainer on the metal index after global research firm Jefferies has maintained buy call on the stock with a target of Rs485 per share.

Shares of SAIL, Coal India, NMDC and JSW Steel also rose nearly 1%, followed by NALCO, Hindustan Copper and MOIL.

On the other hand, Jindal Steel slipped over 1.9%, Welspun Corp, Hindustan Zinc, Midhani and APL Apollo dropped 1% on the Nifty metal index.

Further, Copper prices declined as hopes faded for another round of US fiscal stimulus to support recovery in the world's largest economy, but supply risks and hopes for stronger demand later in the year cushioned the metal's drop.  Three-month copper on the London Metal Exchange slipped 0.1% to $6,708 a tonne, while the most-traded November copper contract on the Shanghai Futures Exchange eased 0.1% to 51,240 yuan ($7,623.41) a tonne.

Meanwhile, Tech Mahindra, HCL Tech, Wipro, Infosys and TCS were the worst hit among 25 laggards in the 50-scrip Nifty index.

The Sensex traded 284 points or 0.70% lower at 40,510 while the Nifty was down 76 points or 0.63% at 11,895.

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