Nifty Metal declines nearly 2% amid volatile trade; Hindalco, NALCO, Vedanta emerge top laggards

4 Jan 2023 , 10:35 AM

Nifty Metal stocks declined with heavyweight stocks on Wednesday amid volatile trade. The Index shed nearly 2% to drag the most among all other sectoral indices. Only 2 metal stocks were trading in the green while the rest of the metal stocks listed on the NSE were trading in the red.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading volatile on Wednesday, on the back of mixed global cues. At around 10:35 AM, BSE Sensex was trading at 60,999.14 down 295.06 points or 0.48% and Nifty50 at 18,140.80 down 91.75 points or 0.50%.

Nifty Metal was trading at 6,731.05 down 119 points or 1.74%, touching a high of 6,848.50 and low of 6,710.40 during intraday trade.

On the upside, heavyweight APL Apollo surges 2% amidst the gloom in the sector at Rs1,123.30 per share followed by Hindustan Zinc (+0.12%).

Meanwhile, HINDALCO was over 3% down at Rs464.40 per share while NALCO was 2.9% lower at Rs80.65 per share to drag the sector.

Vedanta (down 2.71%), JSW Steel (down 2.6%), SAIL (down 2.3%), JSL (down 2.2%) also underperformed. Jindal Steel and Hindustan Copper lower around 1.8% each while Tata Steel and Welspun Corp shed 1.6% and 1.5% respectively. Ratnamani Metals, Adani Enterprises and MOIL was trading marginally lower to the downside.

Further, the copper price fell on Tuesday due to a stronger dollar and deteriorating demand prospects over weak growth in China.

For feedback and suggestions, write to us at [e-mail]