Metal stocks entered into a bearish tone on Friday tracking overall weak markets, after a record high rally in the previous session. Heavyweight stocks dragged the Nifty Metal as the index underperformed the benchmark Nifty 50.
At around 10.45 am, Nifty Metal was trading at 3,594.30 down by 28.75 points or 0.79%. The index has touched an intraday high and low of 3,620.05 and 3,557.55 respectively.
Meanwhile, Nifty 50 was trading at 15,092.65 down by 26.30 points or 0.17%.
Tata Steel was the top underperformer tumbling by 2.2% followed by
Hindalco slipping 1.05%.
Tata Steel has announced that the company will convey a meeting of equity shareholders on March 26, 2021, to consider the Composite Scheme of Amalgamation of Bamnipal Steel and Tata Steel BSL into and with Tata Steel.
Stocks like Welspun Corp, Ratnamani,
JSPL and JSW Steel dived nearly 1% each.
While
Coal India was trading marginally lower and Midhani was on a flat note.
On the upside,
MOIL took lead surging by 2.05% followed by Hindustan Zinc up 1.5%. Over 1% gain each was witnessed in SAIL, APL Apollo and NMDC.
NMDC has announced resuming mining operations at its Donimalai iron ore mine in Karnataka. The operations restarted after receiving permission from the state government.
NALCO and
Hindustan Copper was marginally up.
NALCO has announced that the company will open its share buyback offer on February 25, 2021. The offer will close on March 10, 2021. The buyback programme is for consideration of more than Rs749.10cr.
The Ministry of Mines has released the index of mineral production of mining and quarrying sector for December 2020. The index stood at 115.1 in the latest month, 4.8% lower as compared to the level in December 2019. The cumulative growth for the period April- December 2020-21 over the corresponding period of the previous year has been (-) 11.3 per cent.