Hindalco and Nalco slide after dollar index rises to month-high and Nifty Metal Index decline

Metal Stocks: Hindalco and National Aluminium Co. Ltd. (NALCO) stocks were trading down on BSE on Wednesday (January 17, 2024) after the Dollar Index rose to one-month high of over 103 and the Nifty metal index declined by over 1.5 per cent.

On Monday, the dollar rose by 0.47 per cent to a month-high of 103.13 against a basket of currencies. The index gained 0.2 per cent overnight.

The Nifty metal benchmark, meanwhile, was trading lower by 1.63 per cent at 7812.35 in the morning session on Wednesday, on a day when the BSE Sensex and Nifty 50 plummated in early trading. 

Amid such drastic changes, we take you through the performance of metal stocks- Hindalco and Nalco.

Hindalco

Hindalco was struggling on bourses as it was down by 2.04 per cent, or Rs 11.80, at Rs 567.50 at 11 am on Wednesday.

After today's fall, the stock has slipped by over 3 per cent in the last five trading sessions.

Nalco

The stock of the aluminium company was trading lower by 2.23 per cent, or Rs 3.10, at Rs 135.80 at 11 am on Wednesday. The performance came a day after the stock hit a 52-week high of

Rs 144.05. On Wednesday, the stock's high was Rs 137.75.