Nifty Metal dives 2.4% after base metal prices witness sharp fall at Shanghai, London; NALCO, JSPL weighs

Nifty Metal index underperformed benchmark Nifty 50. The index has tumbled to an intraday low of 3,876.80.

Mar 05, 2021 01:03 IST India Infoline News Service

Bear Market
Metal stocks were in a sharp bearish tone during Friday's trading session tracking decline base metal prices at Shanghai and London as investors cautious over rising bond yields. Nifty Metal index underperformed benchmark Nifty 50.

At around 1.40, the Nifty Metal index was trading at 3,881.25 lower by 95.60 points or 2.40%. The index has tumbled to an intraday low of 3,876.80.

Only two stocks advanced on Nifty Metal. These were Hindustan Copper as the top gainer soaring by 3.13% followed by APL Apollo surging by 1%.

The remaining 13 stocks declined on Nifty Metal with NALCO being the worst hit slumping by 5.15% followed by JSPL plunging 4.7%. Stocks like SAIL, Ratnamani and NMDC dipped by more than 3% each.

Nearly a 3% decline each was seen in Tata Steel and Hindalco. Meanwhile, JSW Steel, Midhani and Hindustan Zinc slipped between 2-2.5%.

MOIL and Welspun Corp shed over 2% each. Coal India dived nearly 1%.

In overnight trade, the Shanghai base metals dropped across the board. At the exchange, Copper slipped 1.79%, aluminium dipped 1.4%, zinc skid 0.73%, tin contracted 0.9%, lead slid 1.93% and nickel fell 8.21%.

Similarly, the LME complex fell across the board with Nickel leading the losses plunging by 8.77%. At the index, zinc slipped 2.58%, aluminium dropped 3.18%, copper fell 5.36%, lead was lower by 2.49% and tin tumbled 2.76%.

Also, the three-month LME copper nosedived by 5.8% to end at $8,589 a tonne overnight. 

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