Nifty Metal index drops 3%; Coal India, Tata Steel stocks drag

NALCO, NMDC, Coal India and Hindalco which were down over 4-5%, respectively in the metal index.

Jun 29, 2020 02:06 IST India Infoline News Service

Stock Exchange
Benchmark indices off day's low but trading with losses in the afternoon trade, with the Sensex is trading at 34,842.45, down by 328 points and the Nifty below its key level 10,300, down 96 points at 10,287.

The Nifty Metal index slipped over 3% at 1,978.70 lower.

NALCO, NMDC, Coal India and Hindalco which were down over 4-5%, followed by Welspun Corp, MOIL, SAIL, Hindustan Copper and Hindustan Zinc fell over 3% each on the metal index. Jindal Steel, Tata Steel, JSW Steel and Vedanta down in the range of 1-2%, respectively.

Shares of Coal India slumped 5% after the company reported 23% decline in consolidated net profit to Rs4,637.95cr in Q4FY20.

Shares of Tata Steel in focus as the company will announce its March quarterly numbers today.

Overall, 10 shares were trading in green in Nifty50 index, while 40 were trading in red.

AstraZeneca Pharma, Alok Industries, Andhra Cements, GTN Industries, Bafna Pharma, Birla Tyres, IDBI Bank, Indian Overseas Bank, Omaxe, Shree Digvijay Cement and Ruchi Infrastructure stocks that touched their 52-week high on the NSE in today’s trade.

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