Nifty Metal Index nosedives on broad-based selloff; NALCO, MOIL, SAIL top laggards

12 Jan 2023 , 10:33 AM

Indian metal stocks came under pressure on Thursday amid volatility in broader markets. Nifty Metal has touched an intraday high and low of 6,817.05 and 6,749.85. 

At around 10:42 AM, Nifty Metal was trading at 6,778.70 lower by 13.45 points or 0.20%. On the index, 6 scrips advanced and 9 scrips declined.

NALCO was the top bear plunging nearly 2.5% followed by MOIL and SAIL tumbling by 1.3% each. Hindalco dipped over 1%. Tata Steel and Vedanta slipped 0.5% each, Adani Enterprises shed 0.25% followed by Ratnamani Metals and Jindal Steel plunging marginally.

On a positive note, Welspun Corp surged over 2% being the top performer. Hindustan Zinc and APL Apollo traded nearly 1% higher. Further, JSW Steel, JSL and Hindustan Copper traded marginally up.

The December 2022 (Q3FY23) quarterly results will influence the markets outlook.

Recently, rating agency ICRA said that high coal prices will continue weigh on margins of domestic metal companies, with no immediate relief in sight and this will impact the markets sentiments.

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