Nifty Metal tank 2% amid lower base metal prices at Shanghai; APL Apollo, Hindustan Copper, Hindustan Zinc drag most

State-owned companies were also under pressure with NALCO underperforming 3.33%, SAIL also shed 3.30% while NMDC was down 3.18%.

Mar 09, 2021 01:03 IST India Infoline News Service

Nifty Metal stocks tanked 2% amid volatile trade on Tuesday. The sectoral indices were engaged in broad based selloff. At around 1.40 pm, Nifty Metal was trading at 3,845.50 down 55.30 points or 1.42% after touching a low of 3,821.60 during intraday trade on Tuesday.

The index opened at 3,938.20 against previous day’s close of 3900.80.

APL Apollo shed 5.05% to drag the sector while Hindustan Copper declined 4.58%. Hindustan Zinc also was down 3.96%. State owned companies were also under pressure with NALCO under performing 3.33%, SAIL shedding 3.30% and  NMDC down 3.18%.

Welspun Corp and Coal India also tumbled mora than 2% weighing on the index further.

Jindal Steel was down 1.45%. Tata Steel, JSW Steel and Hindalco also traded in the red.
MOIL led the gains at Rs161.45 per piece, up 1.29%. Midhani and Ratnamani were also trading in the green.

The companies were bullish on Monday after base metal prices rose higher at Shanghai and London markets. However, on Tuesday, the Shanghai base metals, except for copper and zinc, closed lower. Zinc advanced 1.93%,, while copper rose 1.16%. Aluminium shed 0.23%, lead slid 0.3%, nickel dropped 0.11% and tin plunged 0.72%.
On the contrary, the London Metal Exchange mostly advanced overnight with Copper surging 0.33%, tin inching up 0.52%, zinc climbing 0.54% and nickel soaring 0.03%. On the downside, aluminium and lead underperformed with 0.53% and 0.62% respectively.

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