Nifty Metal drags; SAIL, Hindustan Zinc biggest losers

APL Apollo is bullish after the company announced its quarterly results on Wednesday.

Oct 29, 2020 01:10 IST India Infoline News Service

Nifty Metal is trading lower with Steel Authority of India (SAIL) and Hindustan Zinc Limited being the biggest losers. The Index is witnessing heavy selling pressure for the second consecutive day.

At around 1.30 pm, the index was trading at 2,289.10 down 36.30 points or 1.56%. The index has touched a low of 2,286.95 and high of 2,323.15 after opening at 2,305.50.

APL Apollo is bullish after the company announced its quarterly results on Wednesday. APL Apollo announced a 1:5 stock split; Q2 PAT rises by 72% yoy to Rs103cr. The company stock is performing at Rs3,157.00 per piece up Rs27.20 or 0.87%. Midhani is also trading higher.

Hindustan Zinc continued to drag the sector on the second consecutive day while SAIL stocks fell after a high on Wednesday. Both SAIL and Hindustan Zinc have plunged by 3% each. 

Hindustan Copper, Hindalco, Coal India, MOIL and Jindal Steel have tumbled by 2% each. Coal India, NMDC and Tata Steel are down 1%.

The indices continued to perform on a bearish note, dragged by metal, media, banking and financial services. BSE Sensex is trading at 39,825.76 down 96.70 points or 0.24% and NIfty50 at 11,687.50 down 42.10 points or 0.36%.

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