Nifty Metal erases previous day's stellar rally, witness choppy trade today; NMDC, JSW Steel, Tata Steel, Hindalco under pressure

14 Jan 2022 , 01:10 PM

After a stellar rally on the previous day, metal stocks were involved in a choppy trade on Friday amid overall weak domestic markets. Welspun Corp led the gains while Jindal Steel also outperformed. NMDC, JSW Steel, Tata Steel, Hindustan Copper, and Hindalco were under pressure. 

Investors keep watching metal companies who are set to announce December 2021 (Q3FY22) quarterly results starting from next week.

Globally, China’s imports of unwrought copper and copper products slipped in 2021 from the previous year’s record, though imports of copper concentrate hit a historic high.

Indian benchmark indices were lower of Friday on the back of weak global cues. At around 1.10 pm, BSE Sensex was trading at 61,093.47 down 141.83 points or 0.23% and Nifty50 at 18,221.90 down 35.90 points or 0.2%.

Nifty Metal was trading at 5,871.85 down 10.90 points or 0.19%, after touching a high of 5,901.90 and low of 5,829.60 during intraday trade.

Welspun Corp rose 3% to Rs193.95 per piece, after the company said its Saudi Arabia-based joint venture has launched its initial public offering in the region.

Jindal Steel & Power also lifted sectorial performance at Rs419.55 per piece, up 1.5%. 

NMDC dragged the most, shedding 0.86% at Rs144.80 per piece. Index heavyweights Hindustan Copper (down 0.62%), JSW Steel (down 0.61%), Tata Steel (0.52%) and Hindalco (down 51%) also were under presssure. 

Mining companies are under focus amid crackdown to curb illegal mining in India. 

On Thursday, the Nifty Metal index skyrocketed around 3%.