Nifty Metal stocks declined 2.5% during Friday’s session of trade. The Index after touching peaks on Thursday touched the bottom to drag further already struggling indices.
Hindustan Copper resisted the bears to continue winning streak this week on rising demand and copper prices. NALCO and SAIL also gained substaintially. Rest of the companies in the metal sector led by
JSW Steel,
Hindalco and
Tata Steel were trading in the red.
At around 1.18 pm, Nifty Metal was trading at 3,828.80
-down 99.80
point or 2.54% showing recovery after sinking over 3% at one point of time. It touched a high of 3,939.60
and low of 3,795.60
during intraday trade on Friday.
Hindustan Copper surged 10% to hit new high of Rs154.55 on Friday. It had gained 10% on Thursday as well hitting 52-week high of Rs140.80 per share on Thursday. The company stock was trading latest at Rs152.05 per piece, up 8.22%.
State owned companies NALCO (~3% up) and SAIL (up 2.19%) also braved the market bears to shine. APL Apollo and Ratnamani were the other companies to trade in the green.
JSW Steel was the biggest laggard at Rs400.50, down 5.04%. Tata Steel shed 3.77% at Rs714.90 per piece while Hindalco declined 3.35% at Rs338.95 per piece. These three heavyweights hurt the metal sector most on Friday.
Welspun Corp and MOIL were down 3% while Jindal Steel lost 2.42%. Hindustan Zinc and Coal India also shed nearly 1.5%.
The Indian market opened on a negative note today tracking weaker global cues. All the indices have witnessed selling pressure with the major losers being the banking and financial services, metal and auto stocks.
Rising bond yield, oil prices and the US airstrikes on Syria led to the negative sentiments of the investors.