Equity benchmark indices opened on shaky note on Monday amid weak global cues. However, the domestic market erased partial losses. The Sensex is trading down 176 points at 41,437 and the Nifty 50 index was down 55 points at 12,194.

The market breadth, indicating the overall health of the market, was negative on the NSE, 854 shares rose and 820 shares fell.

The Nifty Metal index slipped over 2%, and among the top sectoral losers in today’s session as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak.

Shares of Jindal Steel slumped 5%, JSW Steel, Tata Steel, Vedanta, NMDC and SAIL also fell 3% on the metal index.

MOIL, Hindalco, Ratnamani, Hindustan Zinc and Coal India are also trading lower, on the flip side, Welspun Corp and APL Apollo gained over 3%.

Shares of JSW Steel cracked 3% after its net profit declined 87% at Rs211cr in the quarter ended December 2019 as against Rs1,624cr during the previous quarter ended December 2018.

On the other hand, shares of APL Apollo Tubes zoomed 7% after the company’s net profit rose 477% to Rs74.26cr in the quarter ended December 2019 as against Rs12.87cr during the previous quarter ended December 2018.

Stock view:
JSW Steel Ltd is currently trading at Rs262.95, down by Rs8.15 or 3.01% from its previous closing of Rs271.10 on the BSE.

APL Apollo Tubes Ltd is currently trading at Rs2,133.70, up by Rs110 or 5.44% from its previous closing of Rs2,023.70 on the BSE.

Jindal Steel & Power Ltd is currently trading at Rs180, down by Rs8.95 or 4.74% from its previous closing of Rs188.95 on the BSE.

Tata Steel Ltd is currently trading at Rs467.30, down by Rs15.95 or 3.3% from its previous closing of Rs483.25 on the BSE.

Vedanta Ltd is currently trading at Rs151.35, down by Rs4.45 or 2.86% from its previous closing of Rs155.80 on the BSE.

source: indiainfoline.com