Nifty Metal under selling pressure, index slips 1% as Hindalco, NMDC, SAIL, NALCO drag

NMDC and Hindalco led the losses to tumble by 2.3% and 2% respectively. NALCO and SAIL dived by nearly 2% each.

Jun 08, 2021 02:06 IST India Infoline News Service

Bear Market
Nifty Metal emerged among the top laggards of the day as base metal prices performed on a mixed note during Tuesday's session ahead of major economic data. Heavyweight metal stocks offset gains of major technology stocks and led broader markets on a subdued note alongside banking shares. Nifty Metal struggled between the day's high 5,327.30 and low of 5,327.30 today.

At around 2.41 pm, Nifty Metal was trading at 5,260.90 down by 54.60 points or 1.03%.

NMDC and Hindalco led the losses to tumble by 2.3% and 2% respectively. NALCO and SAIL dived by nearly 2% each.

Stocks like JSW Steel, Tata Steel, JSW Steel and Vedanta slipped more than 1% each. JSPL, Hindustan Zinc and Welspun Corp dipped between 0.5-1%. Coal India and Ratnamani traded flat.

On the positive front, APL Apollo took lead soaring 1.6% followed by MOIL surging 1.2%. Adani Enterprises jumped 0.7%.

The European Central Bank is scheduled for its monetary policy meeting on Thursday. This is the same day for the U.S as well. Also, the US will release consumer price index number potentially fuelling talks of tapering by the Federal Reserve. On the Asian front, China inflation data is due on Wednesday.

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