Stock market update: Tata Steel, Vedanata, Hindalco drag metal pack down

NEW DELHI: Losses in Hindalco Industries (down 1.57 per cent), Tata Steel (down 1.26 per cent), Jindal Steel & Power (down 1.12 per cent) and Vedanta (down 1.08 per cent) were weighing on the metal pack in afternoon trade on Wednesday.

The BSE Metal index was trading 0.5 per cent down at 12,596 around 01:05 pm.

Shares of JSW Steel (down 0.67 per cent) and Steel Authority of India (SAIL) (down 0.39 per cent) too were under pressure.

However, Coal India (up 2.12 per cent) was trading with decent gains after reports emerged that the mining firm has asked government for additional coal mines allotment.

As many as 11 coal mines have been allotted to Coal India which will add 225 milliion tonne to its annual output.

NMDC (up 1.23 per cent), Nalco (up 0.33 per cent) and Hindustan Zinc (up 0.23 per cent) too were in the green.

Benchmark NSE Nifty50 index was flat at 11,356, while the BSE Sensex was 42 points down at 37,565.

Among the 50 stocks in the Nifty index, 24 were trading in the green, while 26 were in the red.

In the Sensex index, 10 stocks were advancing, while 21 stocks were declining.

Maruti, Tata Steel and Axis Bank were among the top losers in the Sensex index.