Stock Market

Stock Market India Update: Metal Stocks Underperform, Drag To 6 Percent; Tata Steel, Hindalco Among Top Losers

It is absolute carnage on Dalal Street as the Benchmark indices in stock market India have tanked over 2.5 percent. Nifty50 has tanked 275 points and is trading at 10,184 while the Sensex has crashed 875 points and is trading at 33,885 marks. The metal & mining stocks were among the top casualties during October 11, 2018. The Nifty Metal index was trading 4.06 percent down at 3,299 around 10:30 am with all components in the red.

The breadth of the market favored drops, with 230 stocks advancing, 1385 declining and 431 remaining unchanged. On BSE, 367 stocks advanced, 1588 declined and 79 remained unchanged.

Jindal Steel & Power (down 6.38 percent), Tata Steel (down 5.47 percent), Hindalco Industries (down 4.67 percent), Vedanta (down 4.24 percent) and JSW Steel (down 4.07 percent) were the top losers in the metal pack on NSE.

In stock market India, Steel Authority of India (SAIL) (down 3.74 percent), Jindal Stainless (Hisar) (down 3.57 percent), NMDC (down 3.14 percent) and APL Apollo Tubes (down 3.13 percent) were among the losers.

Hindustan Zinc (down 2.54 percent), Coal India (down 2.33 percent), Moil (down 2.31 percent), Hindustan Copper (down 2.11 percent) and Nalco (down 1.27 percent) fell in that order.

JSW Steel shed 4.7 percent and Steel Authority of India is down 3.89 percent. NALCO and Hindustan Zinc are trading lower by 2 percent each with NALCO witnessing a spurt in volume by more than 1.72 times on October 10, 2018.

Benchmark NSE Nifty50 index was down 266 points at 10,195, while the BSE Sensex was 844 points down at 33,917.

Among the 50 stocks in the Nifty index, 6 were trading in the green, while 44 were in the red. HPCL, BPCL, Zee Entertainment, Bharti Infratel, ONGC and GAIL (India) were the Nifty gainers.

In the stock market India, Indiabulls Housing Finance, Tata Steel, Bajaj Finserv, State Bank of India, Bajaj Finance, Grasim Industries, and Hindalco Industries were the top losers in the Nifty kitty of stocks.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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