Market Now: Nifty Metal index falls nearly 1%; Hindalco, Tata Steel among top drags
NEW DELHI: Losses in APL Apollo Tubes (down 3.04 per cent), Hindalco Industries (down 1.78 per cent), JSW Steel (down 1.41 per cent), Vedanta (down 1.32 per cent) and Tata Steel (down 1.24 per cent) weighed on the Nifty Metal index in Tuesday’s trade.
The Nifty Metal index was trading 0.93 per cent down at 4,102 around 01:40 pm (IST).
Shares of Welspun Corp (down 0.76 per cent), Coal India (down 0.50 per cent) and Steel Authority of India (SAIL) (down 0.22 per cent) were also down in the index.
However, shares of Jindal Stainless (Hisar) (up 2.06 per cent), MOIL (up 2.05 per cent), Hindustan Zinc (up 1.55 per cent), Jindal Steel & Power (up 0.77 per cent), National Aluminium Company (NALCO) (up 0.60 per cent), NMDC (up 0.52 per cent) and Hindustan Copper (up 0.12 per cent) were trading with gains around that time.
Equity markets were cautious ahead of Union Budget on Thursday.
Investors booked profits across sectors after a record run, tracking a fall in global markets.
Benchmark NSE Nifty50 index was 74 points down at 11,057, while the BSE Sensex was 200 points down at 36,084.
Among the 50 stocks in the Nifty50 index, 11 were trading in the green, while 39 were in the red.
Over 30 stocks including Aditya Birla Capital, D.B.Corp, Bank of Maharashtra, Multi Commodity Exchange of India and Sangam (India) hit fresh 52-week lows on NSE in Tuesday’s trade.