Nifty Metal halts winning streak, index dives 1%; Hindalco, Hindustan Zinc, Jindal Steel drag

Hindustan Zinc was the top underperformer of Nifty Auto slipping by 2.1% at Rs311.90.

Apr 28, 2021 11:04 IST India Infoline News Service

On Wednesday trading session, while all sectors were trading in the green, Nifty metal was the only sector trading in the red as heavyweights witnessing massive profit booking. As the base metals prices is seeing ups and downs led by uncertainity in the economic recovery going forward, it effects the trading activites of Nifty Metals as well.

At around 11:30 AM, Nifty Metal was trading at 4,611.15 down 48.10 points or 1.03%. It touched an intraday high of 4,690.85 and an intraday low of 4,600.50 during early trading hours on Wednesday.

On Wednesday trading window, Nifty Metal dragged the Nifty 50 down as the sector reports only 5 advancing scrips and 10 declining scrips.

Hindustan Zinc was the top underperformer of Nifty Auto slipping by 2.1% at Rs311.90 followed by Jindal Steel and Hindalco diving by 1.9% and 1.8% respectively. Hindustan Zinc reports 85% jump in consolidated net profit to Rs2,481cr in Q4 results.

Stock like JSW Steel (-1.7%), NALCO (-1.4%), Tata Steel (-1.2%) was also trading in the red.

Vedanta and Welspun Corp led the way with dropping by 1% each.

SAIL and NMDC were also extended losses by trading marginally down on the index.

However, Ratnamani Metals was performing in the green up by 1.1% at Rs1,960 per piece.

While, MOIL, Coal India was nearly 1% each on the upside followed by Adani Enterprises advanced by 0.2% at Rs1,193.75 per piece.

Overnight, at the Shanghai exchange, Copper shed 0.4%, aluminium contracted 0.24%, zinc soared 0.38%, nickel grew 1.5% and lead climbed 0.45% and tin gained 0.37%.

Moreover, at the London Metal Exchange (LME), Copper strengthened 1.03%, aluminium dipped 0.27%, zinc advanced 0.05%, nickel rose 1.5%, lead higher by 0.75% and tin grew 0.13%.

At the LME, Copper close at $9,878.5/mt on Tuesday.

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