Nifty Metal index under pressure; SAIL, JSL, Hindustan Copper emerge top laggards

Nifty Metal stocks declined with heavyweight stocks on Tuesday despite positive global trade. The Index is under pressure to drag the most among all other sectoral indices. Only 3 metal stocks were trading in the green while the rest of the metal stocks listed on the NSE were trading in the red. Vedanta stocks were flat while heavyweight Ratnamani Metals stock declined marginally. SAIL and JSL dragged the most.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading positive on Tuesday, on the back of positive global cues. At around 10:35 AM, BSE Sensex was trading at 61,096.21 up 154.54 points or 0.25% and Nifty50 at 18,154.70 up 36.15 points or 0.20%.

Nifty Metal was trading at 6,752.45 down 25.40 points or 0.37%, touching a high of 6,808.85 and low of 6,735.95 during intraday trade.

On the upside, Welspun Corp surges near 1.5% amidst the gloom in the sector at Rs229.70 per share followed by Adani Enterprises (+0.43%), Hindustan Zinc (+0.23%).

Further, SAIL was over 1.5% down at Rs91.75 per share while JSL was 1% lower at Rs255 per share to drag the sector.

Hindustan Copper (down 0.93%), JSW Steel (down 0.91%), Jindal Steel (down 0.82%), NALCO (down 0.59%) Tata Steel and Hindalco (down 0.53% each) also underperformed. Ratnamani Metals and APL Apollo tumbled around 0.4% each while MOIL and Vedanta were trading marginally lower to the downside.

The government expects a sharp rise in production from Coal India’s mines as well as from captive producers – companies that produce coal for their own use, according to reports. 

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