D-Street Buzz: Metal stocks under pressure - Vedanta, Hindalco, JSPL top losers; SAIL most active
Vedanta was the top loser which was down 2 percent followed by Hindalco Industries, JSW Steel, Jindal Steel & Power, NALCO and Tata Steel.
December 29, 2020 / 12:40 PM IST
The Indian stock market continues trading in the green but is off the day's high. Sensex is up 107.19 points or 0.23 percent at 47460.94, and the Nifty added 19.40 points or 0.14 percent at 13892.60.
The sector that dragged the most was the metal space which was down over a percent. The top losers included Vedanta which was down 2 percent followed by Hindalco Industries, JSW Steel, Jindal Steel & Power, NALCO and Tata Steel.
On the other hand, share price of APL Apollo hit new 52-week high and was the only stock trading in the green.
Vedanta Holdings Mauritius II, part of Vedanta Limited's promoter group bought around 18.5 crore shares at about Rs 160 per share.
Global research firm CLSA has raised target of Tata Steel to Rs 750 per share. The metal rally is likely to continue in the near term. The brokerage expects earnings to improve and prices to cool off and spreads to moderate.
The brokerage firm prefers Tata Steel on its better margin outlook and raised its steel and metal price assumptions. It also raised EBITDA estimates for its coverage stocks by 1-19 percent for FY21-23, according to a CNBC-TV18 report.
The most active metal stock in terms of volumes included Steel Authority of India where 2,40,07,494 shares were being traded.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.