Nifty Metal declines over 1% amid volatile trade; NALCO, Vedanta, SAIL, Tata Steel emerge top laggards

17 Jan 2022 , 10:35 AM

Nifty Metal stocks declined with heavyweight stocks on Monday amid volatile trade. The Index shed over 1% to drag the most among all other sectoral indices. Only 4 metal stocks were trading in the green while the rest of the metal stocks listed on the NSE were trading in the red. Heavyweight Ratnamani Metals was flat while Adani Enterprises declined marginally. National Aluminium (NALCO) and Vedanta dragged the most.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading volatile on Monday, on the back of mixed global cues. At around 10:35 AM, BSE Sensex was trading at 61,282.09 up 59.06 points or 0.10% and Nifty50 at 18,273.55 up 17.80 points or 0.10%.

Nifty Metal was trading at 5,800 down 71.25 points or 1.21%, touching a high of 5,880.20 and low of 5,791.30 during intraday trade.

On the upside, Welspun Corp surges near 2% amidst the gloom in the sector at Rs193.80 per piece followed by Hindustan Copper (+1.28%), APL Apollo (+0.44%) and Ratnamani Metals (+0.15%).

Further, NALCO was over 3.5% down at Rs109.45 per piece while Vedanta was 3.3% lower at Rs325.05 per piece to drag the sector.

NMDC (down 1.61%), Hindalco (down 1.49%), SAIL (down 1.43%), Tata Steel (down 1.38%) also underperformed. Coal India and steel major industry tumbled around 1% each while Hindustan Zinc and JSPL shed 0.68% and 0.57% respectively. Adani Enterprises was trading marginally lower to the downside.

The government expects a sharp rise in production from Coal India’s mines as well as from captive producers – companies that produce coal for their own use, according to reports.

Further, Copper prices inched lower on Monday as the dollar held firm amid bets of several interest rate hikes this year by the U.S. Federal Reserve.

Three-month copper on the London Metal Exchange was down 0.1% at $9,713.5 a tonne by 0310 GMT. The prices fell 2.4% on Friday, its biggest decline since November 26.