Nifty Metal dives 5% amid lower base metal prices, rising Covid cases; Adani Enterprises, SAIL, NALCO slip 9% each
These three stocks were also top underperformers on the index. Nifty Metal index was trading on a hotbed led by broad-based selloff across stocks on Monday tracking overall bearish markets. The performance comes amid lower base metal prices globally and a rapid surge in Covid-19 cases across India indicating a renewed lockdown in some states.
At around 1.51 pm, Nifty Metal was trading at 4,230.75 down by 5.30%. The index has tumbled to an intraday low of 4,199.05.
Adani Enterprises, SAIL and NALCO nosedived around 9% each. These three stocks were also top underperformers on the index.
Vedanta slipped a little over 8%, while NMDC dipped by 6%.
Stocks like APL Apollo, MOIL, Hindalco and Hindustan Zinc plunged between 5.5-6%.
Tata Steel and Welspun Corp shed by 4.2% and 4.3% respectively.
JSPL fell by 3.8%, while Coal India and JSW Steel skidded by 3.6% and 2.5% respectively.
Ratnamani Metal was the only stock in green, however, traded on a flat note.
Base metals at the global front slipped due to higher US dollar amid rising US Treasury yields.
Overnight, at the Shanghai Futures Exchange, Copper dropped 0.88%, zinc tumbled 0.18%, nickel shed 0.84%, lead skid 0.5% and tin dived 2.02%, while aluminium edged higher 0.03%.
Similarly, base metals at the London Metal Exchange on Friday closed lower. Copper contracted 0.89%, aluminium shed 0.72%, zinc weakened 0.86%, nickel dropped 1.07%, lead slipped 0.18% and tin lower by 0.04%.