Metal stocks slide as copper drops on COMEX

Range bound trading session continued in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 137.33 points or 0.55% at 24,763.30. The losses for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty was currently down 33.85 points or 0.44% at 7,580.50. The Sensex failed to retain the psychologically important 25,000 level which it had crossed at the onset of the trading session.

In overseas stock markets, Asian and European stocks moved higher as US stocks edged higher overnight in the aftermath of the release of the minutes from the most recent meeting of the Federal Open Market Committee (FOMC). US stocks edged higher yesterday, 6 April 2016, after the minutes of the Federal Reserve's March meeting showed that officials favoured more gradual rate hikes amid concerns over global economic growth.

Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,193 shares rose and 1,140 shares fell. A total of 109 shares were unchanged. The BSE Mid-Cap index was currently up 0.14%. The BSE Small-Cap index was currently up 0.18%. Both these indices outperformed the Sensex.

Most metal shares edged lower as copper futures dropped in the global commodities markets. Jindal Steel & Power (down 2.02%), Hindalco Industries (down 1.52%), Steel Authority of India (down 1.04%), Vedanta (down 0.63%), Tata Steel (down 0.4%), JSW Steel (down 0.39%) and Bhushan Steel (down 0.13%) edged lower. Hindustan Zinc (up 0.12%), Hindustan Copper (up 0.20%), NMDC (up 1.18%) and National Aluminium Company (up 1.31%), edged higher.

High Grade Copper for May 2016 delivery was currently down 1.19% at $2.118 per pound on the COMEX.

Power generation stocks witnessed a mixed trend. Torrent Power (down 1.72%), NHPC (down 0.65%), Jaiprakash Power Ventures (down 0.62%), Reliance Infrastructure (down 0.58%) and NTPC (down 0.36%), edged lower. GMR Infrastructure (up 0.09%), CESC (up 0.16%), Reliance Power (up 0.20%) and JSW Energy (up 0.45%), edged higher.

Tata Power was down 4.13% to Rs 64. Adani Power was down 2.92% to Rs 33.20. According to reports, a tribunal has rejected a power regulator order that allows these two power companies to charge higher prices from procurers than agreed upon for electricity produced from their plants at Mundra in Gujarat. Tata Power and Adani Power might go to the Supreme Court against the order, reports suggested.

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