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News Topical, Digital Desk : Silver Price Crash The impact of Friday's sharp decline in commodities in global markets is clearly visible on the Indian stock market. Metal stocks are under selling pressure for the second consecutive day. The top five stocks in the Nifty Metal Index have collectively lost nearly ₹2 lakh crore in market cap in the past two trading sessions. Hindustan Zinc Ltd. and its parent company, Vedanta Ltd., are leading this decline.
Nifty Metal Index. The stock is witnessing a decline of more than 15%. At the day's low, the company's market cap has declined by around ₹18,000 crore.
Hindustan Zinc and Vedanta are under the most pressure. Hindustan Zinc has been the biggest loser in the last two sessions. On Sunday, the stock once again fell by around 10%. The company's market cap has declined by more than ₹60,000 crore between Friday and Sunday.Meanwhile, Vedanta shares, which had reached a new record high last week, have now been hit by the global decline in commodity prices. In the two-day decline, Vedanta's market value has declined by around ₹54,000 crore, whereas last week its market cap had reached around ₹3 lakh crore.
Heavy losses in NALCO and Hindalco too NALCO shares fell by another 10% on Sunday. The total market cap loss of the stock in two days has exceeded ₹15,000 crores. Hindalco was also among the top losers of Nifty 50 on Sunday. The stock saw further pressure after falling by 6% on Friday. Although there was some recovery from the day's low, the company's market cap at the low had declined by around ₹25,000 crores.
Weakness in the entire metal sector All the constituents of Nifty Metal Index are trading in the red. Even the stocks not mentioned above are registering a decline of 1% to 4%. Due to the continued weakness in commodity prices at the global level, volatility in metal stocks is expected to remain in the near future.
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