Nifty Metal nosedives 1% on broad-based selloff; Vedanta, NALCO, Hindalco led the bearish tone

Welspun Corp was the top gainer soaring over 4%.

Oct 22, 2021 10:10 IST India Infoline News Service

Market Down
Metal company stocks were under pressure on Friday amid the base metal prices around the globe is turning to a matter of concern for market players. Shanghai aluminium prices fell to their lowest in over a month on Friday as a drop in coal prices in China eased concerns of supply shortage in the metal. Besides, the resurgence of fresh Covid cases in China and some other countries and the consequent fresh lockdowns are also shifting investors mood to the market.

On Friday, the Nifty Metal index traded lower and hovered between an intraday high and low of 5,877.85 and 5,776.75 respectively due to a broad-based selloff in heavyweight stocks.

At around 10:40 AM, Nifty Metal is trading at 5,798.65 lower by 69.75 points or 1.19%. The index had 12 scrips on the decline side and 3 scrips on the advance front.

Vedanta was the top underperformer plunging by nearly 3% at Rs340.70 per piece. NALCO and Hindalco dived around 2% each.

Stocks like Coal India, JSW Steel and Hindustan Zinc shed more than 1% each.

Hindustan Copper and Tata Steel dropped 0.55% each to drag the sector  while NMDC and Ratnamani were under pressure.

Moreover, APL Apollo and Jindal Steel traded flat but in red.

On the contrary, Welspun Corp was the top gainer soaring over 4% followed by SAIL advancing 0.55%. Adani Enterprises traded on a muted note.

Meanwhile, on the global front, LME metals all closed lower in the trading session on Thursday. Copper fell 4.15% while aluminium dropped 6.26%, lead shed 1.58%, and zinc lost 6.36% in the markets.

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