Mon. Sep 21st, 2020

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Nifty Metal stocks decline on weak global cues

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The Nifty Metal index was under pressure in today’s trade on weak global cues. The NSE metal index lost 2% to end at 2,087.50.

In today’s session, London copper prices fell amid tensions escalated between the US and China and also an unexpected rise in US unemployment also denting sentiment.

Shares of Hindustan Zinc and Hindalco tumbled over 3.5% each, MOIL, JSW Steel slumped over 2.5% each, NALCO, NMDC and Hindustan Copper also tumbled by 2% on the metal index.

Shares of Tata Steel, Jindal Steel, Vedanta and Coal India also ended in the red territory.

Meanwhile, benchmark indices recovered smartly and ended flat on the back of buying seen in the Reliance Industries and also IT and energy stocks.

The S&P BSE Sensex ended flat at 38,129, down 12 points, while Nifty ended at 11,194, down 21 points.

Reliance Industries, HCL Tech, Tech Mahindra, Sun Pharma and Infosys were among major gainers on the Nifty, while losers included Zee Entertainment, Hindalco, Axis Bank, SBI and Gail India.

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