Nifty Metal plummets 3% after base metal prices tumble globally; Tata Steel, Hindalco, Hindustan Copper takes toll

The index has touched an intraday high and low of 3,810.45 and 3,723.90 respectively.

Mar 24, 2021 01:03 IST India Infoline News Service

Indian metal company stocks were on a hotbed amid weaker benchmarks on Wednesday tracking global cues selloff. Metal stocks tumbled also after nonferrous metals skidded at Shanghai and London front as concerns about prospects of the economic recovery from the pandemic take a toll on markets sentiments.

At around 1.50 pm, Nifty Metal was trading at 3,741 down by 100.95 points or 2.63%. The index has touched an intraday high and low of 3,810.45 and 3,723.90 respectively.

APL Apollo, Hindalco,  Hindustan Copper and Tata Steel were top underperformers tumbling nearly 4% each.

NALCO slipped nearly 3%, while NMDC, JSPL and SAIL slipped by 2.5% each. Midhani was down a little over 2%.

Stocks like JSW Steel, Welspun Corp and Coal India dipped between 1-2%.

Nearly, 1% drop each was recorded in MOIL and Hindustan Zinc.

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

Overnight, at Shanghai, base metals tumbled with Copper weakening by 0.6%, aluminium dipping 0.58%, zinc diving 0.86%, tin dropping 0.73%, lead skidding 0.43% and nickel slipping 2.43%.

The counterpart London Metal Exchange also witnessed downside. Copper led the losses diving by 2.84%, zinc plunged 2.19%, aluminium contracted 2.64%, nickel down 2.49%, lead lower 1.34% and tin shed 1.02%.

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