Market Now: Metal stocks plunge on slump in global metal prices
NEW DELHI: Metal stocks plunged in morning trade on Wednesday, triggered by a slump in global metal prices, after official data revealed a decline in China’s industrial output in October.
The Nifty Metal index was trading 2.03 per cent down at 3,696 around 10:05 am (IST), with shares of Jindal Steel & Power (down 3.79 per cent), Vedanta (down 2.90 per cent), Hindalco Industries (down 2.85 per cent), Hindustan Copper (down 2.73 per cent), NMDC (down 2.47 per cent) and Hindustan Zinc (down 2.45 per cent) as the top losers.
Shares of MOIL (up 3.65 per cent) and APL Apollo Tubes (up 0.21 per cent) were trading up in the Nifty Metal index around that time.
Benchmark NSE Nifty50 index was 20 points down at 10,166, while the BSE Sensex was 54 points down at 32,888.
Among the 51 stocks in Nifty index, 21 were trading in green, while 29 were in red.
Shares of Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Indian Oil Corporation, Ambuja Cements, Tech Mahindra and Tata Consultancy Services were among the top gainers in the Nifty50 index.
However, Hindalco, Vedanta, Indiabulls Housing Finance, Sun Pharma, HCL Tech and NTPC were among top losers.
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Via:: Economic Times – Stocks