NALCO shares tumble 9% as metal stocks retreat after 3-day rally. What's behind the slide?
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Shares of National Aluminium Company (NALCO) slid as much as 9.4% to Rs 388.45 on the BSE on Friday as a pullback in global and domestic metal prices, coupled with a strengthening U.S. dollar, triggered broad-based selling across metal stocks, snapping a three-day rally in the sector. The broader Metal index dropped 4%, ending a three-session gaining streak during which it had risen 8.5%. The decline tracked a sharp retreat in gold and other base metals after their recent surge, while a firmer dollar added further pressure on commodity prices. Elsewhere, metal prices weakened across major global exchanges. On the Shanghai Futures Exchange, aluminium declined 2.98%, lead fell 1.43%, nickel pulled back 3.25% and tin tumbled 6.41%, while zinc was the sole gainer, up 0.39%. On the London Metal Exchange, aluminium slipped 1.20%, zinc fell 0.50%, lead dropped 0.57%, nickel lost 2.25% and tin shed 3.78%. In domestic trade, gold and silver future...