Metal company stocks were the top bear on Friday's volatile session as heavyweights took a toll on the sector. Nifty Metal index underperformed benchmark Nifty 50. The performance comes despite the nonferrous metals price rise on the global front.
At around 11.19 am, Nifty Metal was trading at 4,453.60 down by 0.92%. The index has touched an intraday high and low of 4,550.45 and 4,437.80 respectively.
Hindustan Zinc took the top spot in the underperforming stocks list on the Nifty Metal index, plunging by over 2.5%.
Tata Steel followed with a 2.3% downside.
Hindalco slipped by 1.5% on the index. The company's subsidiary Novelis has announced that it will further its longstanding sustainability commitment by becoming a net carbon-neutral company by 2050 or sooner and reducing its carbon footprint by 30% in the next five year.
Other stocks like
Vedanta, JSPL, JSW Steel and SAIL tumbled more than 1% each.
JSW Steel recorded crude steel production of 4.19 million tons in 4Q FY’21, registering a growth of 2% QoQ and 6% YoY.
NMDC and MOIL dived by 0.7% each. While Coal India and NALCO dropped by 0.5% each. Welspun Corp traded on a flat note.
On the contrary, APL Apollo was the top gainer soaring nearly 3% followed by Adani Enterprises surging 1%. Ratnamani was marginally up.
Base metal prices at the Shanghai and London exchange were broadly higher on softer US dollar.
At the Shanghai Futures Exchange, overnight, Copper advanced 0.77%, aluminium soared 0.29%, zinc climbed 1.14%, nickel strengthened 1.16% and tin inched up 0.22%, while lead shed 0.1%.
Meanwhile, at the counterpart London Metal Exchange, Copper expanded 0.89%, aluminium rose 1.15%, zinc jumped 1.06%, nickel rallied 1.11%, and lead zoomed 0.18%, while tin edged down 0.14%.