Nifty Metal pulls back from previous gains, index nosedives 2%; Tata Steel, JSPL, JSW Steel weigh

Nifty Metal that was near record highs on the previous day, corrected steeply on the downside and emerged as the top bear of the NSE.

Sep 24, 2021 02:09 IST India Infoline News Service

Market Down
Investors were highly cautious on metal stocks during Friday's trading session amid looming US Federal Reserves benchmark interest rate hikes and uncertainties about Evergrande. Also, mixed base metal prices at London and Shanghai exchange further swayed sentiments. Nifty Metal that was near record highs on the previous day, corrected steeply on the downside and emerged as the top bear of the NSE.

Except for Hindustan Zinc and Welspun Corp, all other sectoral indices were trading in the red.

At around 2.48 pm, Nifty Metal was trading at 5,500 lower by 116.05 points or 2.07%. The index has touched an intraday high and low of 5,627.30 and 5,449.70 respectively.

Hindustan Zinc was the top gainer but with a marginal upside. Welspun Corp traded flat but in green.

On the contrary, Tata Steel was the top bear slumping 3.5% followed by JSPL and JSW Steel slipping more than 3% each.

NALCO dipped 2.5%, while SAIL and Vedanta dived 2% each. APL Apollo and NMDC plunged 1.8% each. Coal India dropped over 1%.

MOIL and Hindalco shed 0.9% each, while Adani Enterprises and Ratnamani were marginally down.

Nifty Metal defied broader bullish markets at the Indian front. As per a Wall Street Journal report, it is being known that Chinese authorities have directed local officials to prepare for the potential demise of Evergrande. Meanwhile, uncertainty continues to remains about whether Evergrande will pay the interest on a dollar-denominated bond.

The US Federal Reserve held the benchmark interest rate near zero but also signalled for a rate hike sooner than expected compared to the previous target of three months ago. 

Related Story

Open Free Demat Account (Rs699)