Nifty Metal dives over 1% on broad-based selloff with all stocks in red; Hindustan Copper, Adani Enterprises worst hit

21 Feb 2022 , 10:45 AM

Metal company stocks witness broad-based selling pressure on first day of this week amid bearish bandwagon of markets and weak global cues. Investors booked profits as they still awaits clarity on Russia-Ukraine issue. At the Nifty Metal index, all stocks were in the red zone after Shanghai base metals mostly fell on Friday following surging US dollar index.

Further, strong headwinds for the market from Ukraine tensions, rising crude oil prices pressure, Fed meet, F&O expiry act as the key influencers for the investors to bet cautiously as the markets seems to be a bit volatile this week.

At around 10:45 AM, Nifty Metal was trading at 5,701.95 lower by 76.45 points or 1.32%. The index has touched an intraday high and low of 5,767.45 and 5,667.75 respectively during early trading deals.

Hindustan Copper was the top underperformer plummeting 5% followed by Welspun Corp and Adani Enterprises diving by 3.30% and 2.09% respectively. Stocks like Hindalco, Hindustan Zinc and JSW Steel dipped more than 1.5% each.

Ratnamani Metals, APL Apollo, Coal India and NMDC tumbles over 1% each to drag the sector while Tata Steel plunged nearly 1%.

Jindal Steel and SAIL were under pressure dipped marginally while NALCO was also trading in the red on a muted note.