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Nifty Metal nosedives as metal prices dip amid inflation concerns; Adani Enterprises shine; Tata Steel, SAIL, Hindalco top bears – Indiainfoline

Metal company stocks were under pressure on Thursday dragging benchmarks Sensex and Nifty as non-ferrous metals at Shanghai and London exchange tumble amid inflation worries taking a dig on broader markets globally. The Nifty Metal index has nosedived by at least 4% since the opening bell and continues to be the top bear on NSE. Except for Adani Enterprises, all other stocks listed on Nifty Metal were trading on a bearish term.

At around 11.04 AM, Nifty Metal was trading at 5,157.75 down by 88.20 points or 1.68%. The index has touched an intraday high and low of 5,164.50 and  5,040.20 respectively.

The Adani Group’s flagship company was the only gainer on Nifty Metal surging by more than 1%.

On the contrary, Tata Steel led the losses, plunging by 3.4% followed by SAIL and Hindalco diving by 2.7% each. JSPL dips by nearly 2%.

Vedanta, MOIL and Coal India slipped by 1.4% each. NMDC and Ratnamani fell by around 1% each.

Stocks like Welspun Corp, JSW Steel, NALCO and APL Apollo shed between 0.5-1%. Hindustan Zinc was marginally down.

At the Shanghai Future Exchange, overnight, Copper declined 2.77%, aluminium contracted 2.74%, zinc fell 3.51%, tin skid 2.73%, lead shed 0.71% and nickel dipped 4.13%. Meanwhile, at the London Metal Exchange, Nickel plummeted 3.72% to lead the losses, zinc slipped 3.04%, aluminium shed 1.48%, copper weakened 3.29%, lead was lower by 1.12% and tin dived 1.81%.