Nifty Metal witnesses selling bias as APL Apollo, MOIL, SAIL, Hindalco weigh down

Metal stocks are in focus as companies are announcing their monthly production data.

Aug 04, 2021 02:08 IST India Infoline News Service

The Nifty Metal index was trading lower, however, at a slower pace as base metals glided down due to sweeping Delta variant of COVID-19 that turned market sentiments broadly in negative. A broad-based selloff was recorded in the Nifty Metal index.

At around 2.48 PM, Nifty Metal is trading at 5,750.50 lower by 27.70 points or 0.48%.

In the early trade amid record-high levels in Indian benchmarks, the Nifty Metal index touched a new 52-week high of 5,880.70. However, the index pulled back from its new highs and has even slipped to the day's low of 5,727.50.

JSW Steel and Tata Steel were top gainers with a marginal upside. Coal India traded flat.

APL Apollo was the top underperformer plunging nearly 3% followed by SAIL and MOIL diving more than 2% each.

Hindalco shed 1.6%, while NALCO and JSPL plunged over 1.3% each. Stocks like Welspun Corp, Vedanta, NMDC and Adani Enterprises slipped between 0.7-1%. Ratnamani was marginally down, while Hindustan Zinc traded on a muted level.

Metal stocks are in focus as companies are announcing their monthly production data. 

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