Nifty Metal pares early gains to trade flat; APL Apollo Tubes tanks 7%

Hindustan Copper, Hindustan Zinc, and SAIL emerged as the leading gainers.

Oct 25, 2021 11:10 IST India Infoline News Service

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The Nifty Metal index pared early gains to trade flat despite the broader markets recovered early losses and were trading on a bullish tone during midt-trade of Monday.  Hindustan Copper, Hindustan Zinc, and SAIL emerged as the top gainers. APL Apollo Tubes tanked 7% while Welspun Corp was also under pressure.

The domestic markets were off to a volatile start on Monday as investors assessed the September quarter results of index heavyweights. Meanwhile, the mixed Asian market mood also rubbed off on investor sentiment back home.

After tumbling as much as 300 points in opening deals, BSE Sensex recovered losses amid gains in banking stocks and was trading at 61,119.50 up 297.88 points or 0.49% around 11.55 am. Nifty was at 18,164.25 up 49.35 points or 0.27%.

Nifty Metal was trading at 5,680.20 down 9.90 points or 0.17%, after touching a high of 5,747.50 and low of 5,561.65 during intraday trade.

The metal index has seen uptrend on the back of rising base metal prices amid increasing demand as the economy opens up after the COVID crisis. Investors hope that a rise in metal prices will push realisations higher and thus improve their profitability.

Hindustan Copper and Hindustan Zinc were 1.27% higher at Rs131.30 per piece and Rs326.45 per piece respectively to lead the gains. SAIL was also nearly 1% higher at Rs117.60 per piece. National Aluminium also gained over 0.8% while Vedanta was 0.5% higher. 

Tata Steel was also amrginally higher while Hindalco and Jindal Steel were trading flat.

APL Apollo Tubes emerged the biggest laggard by tanking 7.22% at Rs757.50 poer piece. Welspun Corp was 2.6% lower at Rs133.40 per piece. Ratnamani was also 1% on the downside. Adani Enterprises and Coal India were 0.7% lower, respectively. NMDC and JSW Steel also traded in the red.

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