Nifty Metal pares early gains as investors turn cautious, trades flat; JSPL, Hindalco drag; Coal India, SAIL top gainers

The index tumbled amid a broad-based selloff recorded in benchmarks Sensex and Nifty.

Apr 30, 2021 02:04 IST India Infoline News Service

Bull and Bear
Nifty Metal has pared its early gains and was trading on a lacklustre note during the second half of Friday's trading session. The index gained an intraday high of 4,936.50 in early deals. However, the index gave up the gains and has even touched an intraday low of 4,791.65.

At around 2.36 pm, Nifty Metal was trading at 4,848.15 down by 7.15 points or 0.15%. The index tumbled amid a broad-based selloff recorded in benchmarks Sensex and Nifty.

JSPL and Hindalco were top laggards on the index tumbling by 3.5% and 2.2% respectively. More than 1% plunge each was recorded in APL Apollo, Welspun Corp and JSW Steel.

Tata Steel and Adani Enterprises dived by 0.5% each.

On a positive note, Coal India and SAIL were top gainers soaring by 4.3% each. MOIL and Vedanta climbed by 3.3% and 1.4% respectively.

Hindustan Zinc surged by 1%, while NMDC jumped by 0.8%.

Ratnamani and NALCO were marginally up.

Overnight, the Shanghai and London base metals reacted on a mixed note to the US Federal Reserves decision of keeping interest rates near zero and digested a fresh round of corporate earnings.

At Shanghai Future Exchange, Nickel shed 0.61%, zinc plunged 1.55% and copper dived 0.58%, while aluminium jumped 0.69%, tin zoomed 0.22% and lead rose 0.07%. Meanwhile, at the London Metal Exchange, Lead was the best performer strengthening by 0.86%. Aluminium climbed 0.56% and copper inched up 0.05%, while nickel slipped 0.6%, tin dived 0.32% and zinc fell 0.48%.

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