Nifty Metal Top Laggard With Losses Over 5%; Jindal Steel Slips 16 Percent

Indian markets trade mixed on the benchmark indices with Sensex up by a marginal 0.05% at 48714, while Nifty was down by 0.09% below 14700 at around 11:30 am. Broader markets however underperformed the headline indices with losses of close to 1 percent on the Nifty Midcap 100.

In today's session (May 14, 2021) market is by and large overlooking positive global cues amid a broad-based sell off. Metal, Realty, Auto and IT sector stocks witnessed sharp selling pressure, with Nifty metal leading the losses of over 5 percent at the time of writing this report. Notably only Nifty FMCG was trading with gains of close to 2 percent.

Among individual stocks from the Nifty Metal pack, NMDC, Tata Steel, Hindalco, Jindal Steel and Coal India have been the top drags, while the stocks that are contributing in pulling the index higher have been Welspun and Hindustan Zinc.

The shares of NMDC have dropped by over 8 percent to day's low of Rs. 185.3, while Tata Steel and Hindalco shares fell by over 4 percent and 5 percent, respectively. While the stock of Jindal Steel after hitting a 10 percent lower circuit, opened for next level decline falling up to 13 percent. Coal India shares on the other hand were weak by over 3 percent.

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