Nifty Metal stocks take breather from gains; Index sheds over 1%; NALCO, Hindustan Zinc drag

Hindustan Copper, APL Apollo Tubes, and Vedanta led the gains while Hindalco was under pressure.

Oct 19, 2021 02:10 IST India Infoline News Service

Nifty Metal stocks pared early gains to turn bearish amid upbeat markets on Tuesday. The Index slipped 0.3% after shares of metal companies took a breather after soaring on Monday amid higher prices of base metals globally. The recent rally in base metal prices has come as a boon for metal companies.

Hindustan Copper, APL Apollo Tubes, and Vedanta led the gains while NALCO and Hindustan Zinc were under heavy pressure after clocking record highs on Monday. Hindalco was also trading in the red, after the highs of Monday.

The domestic equity benchmarks extended their upward rally for eight days today, even as rise in oil and other commodity prices fuelled global inflation concerns.

At around 2.10 pm, BSE Sensex was trading at 62,042.61 up 277.02 points or 0.45% and Nifty50 at 18,530.45 up 53.40 points or 0.29%. Nifty Metal was trading at 6,197.15 down 55.95 points or 0.89%, touching a high of 6,312.20 and low of 6,106.85 during intraday trade on Tuesday.

Hindustan Copper led the way by suring 3.42% at Rs154.30 per piece. APL APollo Tubes also rose 3.33% at Rs888.65 per piece. Vedanta was also 1.35% higher at Rs379.80 per piece. Ratnamani and Coal India were also trading marginally higher.

National Aluminium shed nearly 4% at Rs116.90 per piece to drag the most after hitting 52-week high of Rs127.95 per piece on Monday. Hindustan Zinc tanked 3.5% at Rs374.00 per piece. SAIL and Welspun Corp also shed over 2.7%.

JSW Steel and NMDC were nearly 2% down. Tata Steel and Adani Enterprises were also over 1.25% down respectively. Jindal Steel and Hindalco also traded in the red as the Index had 5 advances and 10 declines among the 15 listed companies on Nifty50. 

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