Nifty Metal selloff cools slightly, holds bearish tone still as Adani Enterprises stock takes sharp hit; SAIL, Tata Steel outshine

Nifty Metal index has hovered between the day's high and low of 5,369.75 and 5,200.25 respectively.

Jun 14, 2021 12:06 IST India Infoline News Service

Bear Market
Metal stocks were on a bearish note. After tumbling nearly 4% in the early trade, the sector has recovered some losses but did not escape the bears as Adani Enterprises takes a massive hit. The performance comes despite metal prices globally broadly rising as concerns relaxed about a supply disruption after a strike in Chile was avoided.

The Nifty Metal index has hovered between the day's high and low of 5,369.75 and 5,200.25 respectively. At around 12.20 PM, Nifty Metal was performing at 5,345.35 lower by 61.45% or 1.1%.

Adani Enterprises was the top bear of the day plunging by more than 11.5%. Adani Group stocks witnessed a sharp nosedive after the National Securities Depository (NSDL) froze the accounts of three foreign funds that have investments about Rs43,500cr in the Group's listed companies.

Coal India also tumbled by more than 2% ahead of its Q4 result scheduled for today. The company is expected to announce a 20-25% additional dividend for the fiscal FY21.

Welspun Corp dived 1.75%, while MOIL and Hindustan Zinc slipped by over 1% each. Vedanta and NALCO dropped by 0.6% each. APL Apollo fell by 0.5%.

JSW Steel and Ratnamani were trading flat but in the red.

SAIL and Tata Steel outshined Nifty Metal and its counterparts by surging 1.7% and 1.1% respectively. NMDC and JSPL climbed by 0.7% and 0.6% respectively. Hindalco stock was on a muted note.

At the London Metal Exchange, copper price was unchanged and held over $10,000 a tonne mark. Other metals such as aluminium, nickel and tin rose.

The Shanghai Futures Exchange is closed on Monday for a holiday.

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