Nifty Metal under pressure amid volatility; Majority stocks in red; Adani Enterprises top gainer

Vedanta was the top bear slumping nearly 3% followed by APL Apollo and Hindalco slipping around 2.5% each.

Oct 20, 2021 10:10 IST India Infoline News Service

Metal company stocks were under selling pressure on Wednesday tracking a broader bearish bandwagon on the street. In the opening bell, the index has tumbled by 2% so far today with an intraday low of 5,919.05. Also, mixed base metal prices at London metal exchange further swayed investors sentiments.

On the global front, Copper prices have skyrocketed which has forced the London Metal Exchange to introduce emergency measures amid the threat of collapse.

At around 10:48 AM, Nifty Metal was trading at 6,049.60 down 49.75 points or 0.82% as majority stocks were in the red zone.

Adani Enterprises was the top gainer inching higher at Rs1,586.60 per piece followed by Welspun Corp and Jindal Steel but with a marginal upside while Tata Steel and Ratnamani Metals traded flat but in green.

On the contrary, Vedanta was the top bear slumping nearly 3% followed by APL Apollo and Hindalco slipping around 2.5% each.

NALCO dipped 1.7%, while Hindustan Copper, SAIL and Coal India dived 1%-1.5% each. NMDC and JSW Steel were marginally down to drag the sector most.

With power shortages deepening, state-owned Coal India Ltd (CIL) on October 19 said the supply of coal was prioritised temporarily to power producers to replenish their dwindling stock of the dry fuel. Further, China's thermal coal prices have surged over 200% this year to record highs as mining safety inspections, anti-corruption probes and floods at major mining regions hurt supplies.

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