Nifty Metal under pressure as Coal India, NMDC stocks drag; Majority stocks in the red while APL Apollo hits new high

Coal India dragged the most at Rs158.90 per piece, down 1.33% today.

Sep 16, 2021 10:09 IST India Infoline News Service

The Nifty Metal stocks witnessed profit booking on Thursday's trading session to drag the overall markets. The index erased its early gains and pulled back from its near record highs. In the opening bell, the index has surged by nearly 1%. 

The investors sentiment shifts after Coal India is planning to increase the prices of coal slowly after considering the views of all stakeholders, as Asian coal prices hit all-time highs on Wednesday.

At around 10:40 AM, Nifty Metal pares early gains and trading at 5,840.35 down 18.70 points or 0.32%, after touching a high of 5,913.85 and low of 5,816.30 during intraday trade.

BSE Sensex was trading at 58,817.68 up 94.48 points or 0.16% and Nifty50 at 17,561.20 up 41.75 points or 0.24%.

Heavyweight APL Apollo advanced over 4%, after hitting 52-week high at Rs1,044.70 to emerge the top bear while Welspun Corp also gained over 0.64% at Rs124.95 per piece to lift the performance. MOIL, Vedanta and NALCO were also trading higher to add some marginal gains to the sector.

Coal India dragged the most at Rs158.90 per piece, down 1.33% today as out of the 15 stocks, 6 stocks advanced while 9 stocks declined. The company's stock has surged by over 20% in over three weeks to a three-month high on Wednesday.

NMDC, JSW Steel, Tata Steel, Hindalco were also under pressure while Hindustan Zinc, Ratnamani, Jindal Steel and SAIL were also lower. Adani Enterprises traded flat. Aluminium prices on the London Metal Exchange (LME), which have continued to gain, had hit a 13-year high of about $2950 a tonne recently. 

Related Story

Open Free Demat Account (Rs699)