MUMBAI, INDIA – In a dramatic turn of events, the Nifty Metal index suffered a massive decline of over 5% in early trading hours on Sunday, extending its sharp downward trend for the second consecutive session.
The sharp decline in the metal index was largely driven by the crash in precious metals prices, with gold and silver prices plummeting for the third session in a row. As a result, shares of metal companies took a beating in trade on February 1.
Metal Stocks in Free Fall
- Hindustan Copper shares plummeted 19% to trade at Rs 555.1, taking a significant hit from the crash in metal prices.
- National Aluminium Company (NALCO) shares also fell sharply, dropping by over 10% in trade.
- Hindustan Zinc shares suffered a decline of over 8% in the early trading hours of Sunday.
Nifty Metal Index Hits a Low
The Nifty Metal index hit a low of 11,218.80 in the early trading hours of Sunday, marking a significant decline from its previous levels. The sharp drop in the metal index is a clear indication of the turmoil in the market, with investors growing increasingly anxious about the future of the metal sector.
As the market continues to grapple with the impact of the crash in precious metals prices, investors are advised to remain cautious and keep a close eye on the developments in the market.