Nifty Metal pares early gains, trades flat; APL Apollo hits fresh 52-week high

Vedanta Limited also surged 2%. Jindal Steel and Hindalco dragged the most.

Sep 08, 2021 01:09 IST India Infoline News Service

The Nifty Metal stocks pared intraday gains and were trading flat amid bearish markets on Wednesday. Shares of APL Apollo Tubes hit a record high of Rs1,875 ahead of the 1:1 bonus shares.

Vedanta Limited also surged 2%. Jindal Steel and Hindalco were under pressure.

Meanwhile, Sensex and the Nifty dropped over 0.45% lower on Wednesday tracking weak global cues. Asian stocks were mixed today after a dip in U.S. shares on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.

At around 1.50 pm, BSE Sensex was trading at 58,017.46 down 262.02 points or 0.45% and Nifty50 at 17,282.00 down 80.10 points or 0.46%.

The Nifty Metal was trading at 5,703.60 down 4.75 points or 0.08%, after touching a high of 5,763.55 and low of 5,685.40 during intraday trade.

APL Apollo Tubes was 3.3% higher at Rs1,823.00 per piece. The board of directors of APL Apollo Tubes board on August 06, 2021, had recommended the issue of bonus equity shares in the proportion of 1:1 i.e. 1 equity share of Rs2 each for every 1 equity shares of Rs2 each held by the shareholders of the company as on the record date.

Vedanta also gained 2% at Rs299.25 per piece. NMDC, JSW Steel and Ratnami were also higher.

Jindal Steel shed 1.36% at Rs394.40 per piece to drag the most. Hindalco was also over 1% lower at Rs457.30 per piece. 

Out of the total 15 stocks, Nifty Metal had 10 declines and 5 advances.

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