Metal and mining stocks decline as copper prices fall
by Admin |20/04/2018
Key indices moved in a small range in negative zone in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 48.83 points or 0.14% at 34,378.46. The Nifty 50 index was down 23.45 points or 0.22% at 10,541.85. Shares of index heavyweight Reliance Industries dropped. Metal and mining stocks declined as copper prices fell in global commodity markets. Telecom stocks saw mixed trend. Negative Asian stocks weighed on the domestic bourses.
A bout of volatility was witnessed in early trade as the key benchmark indices dipped in negative zone after a positive start to the day's trading session. Stocks hovered in a small range after hitting intraday low in morning trade.
The S&P BSE Mid-Cap index was down 0.64%, underperforming the Sensex. The S&P BSE Small-Cap index was down 0.04%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,158 shares fell and 1,021 shares rose. A total of 96 shares were unchanged.
Index heavyweight Reliance Industries lost 1.09% to Rs 930.95.
Metal and mining stocks declined as copper prices fell in global commodity markets. National Aluminium Company (down 5.09%), Vedanta (down 1.86%), JSW Steel (down 1.1%), Tata Steel (down 1.86%), Steel Authority of India (Sail) (down 1.8%), Hindustan Zinc (down 1.56%), Jindal Steel & Power (down 3.04%), Hindalco Industries (down 3.29%), NMDC (down 1.64%) and Hindustan Copper (down 3.52%) edged lower.
Copper edged lower in the global commodities market. High Grade Copper for May 2018 delivery was currently off 0.53% at $3.1155 per pound on the COMEX.
Telecom stocks saw mixed trend. MTNL (down 1.24%), Tata Teleservices (Maharashtra) (down 0.52%) and Reliance Communications (down 0.48%) fell. Bharti Airtel (up 0.89%) and Idea Cellular (up 0.35%) rose.
Shares of Bharti Infratel fell 0.85%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Lasa Supergenerics rose 4.84% after the company said that it received World Health Organisation (WHO) Good Manufacturing Practice (GMP) Certificate for unit situated at Mahad issued by the office The Commissioner the Food and Drug Administration. Entry to regulated business markets to commence shortly, the company added. The announcement was made after market hours yesterday, 19 April 2018.
Kakatiya Cement Sugar & Industries jumped 20% after the company said it resumed operation at cement plant on 19 April 2018 after its closure on pollution grounds. The announcement was made after market hours yesterday, 19 April 2018.
Overseas, Asian stocks fell with technology stocks leading the way following a downbeat outlook from Taiwan Semiconductor Manufacturing Co. Inflation remained weak in Japan. Core consumer prices rose 0.9% from a year earlier in March, versus February's reading of 1%.
US stocks ended lower yesterday, 19 April 2018 with consumer staples, real estate and technology shares leading the losses.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) meets later today, 20 April 2018 to discuss production caps. Oil futures were down slightly in Asia after hitting a 3½-year high this week.