Nifty Metal nosedive 3% on broad-based selloff; JSW Steel, Welspun Corp, Hindustan Copper, Tata Steel, Adani Enterprises top bears

14 Feb 2022 , 10:45 AM

Nifty Metals stocks witnessed bloodbath on Monday’s bearish bandwagon of markets. The markets have reacted negatively as slowing industrial growth is concerning even as the government and the central bank have been ensuring ample liquidity for businesses and well large industries.

Also, investors sentiments have turned very negative over the Ukraine crisis while crude oil prices jump towards 7-year high on Russia-Ukraine worries. 

Analysts optimism in Indian metals dimmed as inflation pressure, slow industrial growth which is crucial for overall economic growth at desirable high single-digits. 

At around 10:45 AM, Nifty Metal was trading at 5,839.50 lower by 184.30 points or 3.06%. On the index, all scrips were under deep red territory. The index has touched an intraday high and low of 5,913.50 and 5,801.35. Metals has dropped by over 3% so far today as heavyweight stocks take a toll.

JSW Steel was the top bear plunging over 5% followed by Welspun Corp tumbling over 4.5%. Hindustan Copper and APL Apollo dipped over 4.1% each. JSPL slipped 3.7%, Tata Steel and Adani Enterprises shed 3.5% and 3.3% respectively.

Stocks like Hindalco (down 2.6%), SAIL (down 2.5%), Vedanta (down 1.88%), Hindustan Zinc (down 1.85%) and Ratnamani Metals (down 1.3%) were among index bears while Coal India, NMDC and NALCO traded lower by around 1% each.