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Stock market update: Metal stocks melt; Tata Steel, Vedanta, Jindal Steel & Power top losers

NEW DELHI: Metal stocks including Tata Steel (down 6.57 per cent), Vedanta (down 6.23 per cent) and Jindal Steel & Power (down 5.93 per cent) stood among the top losers on Wednesday.

The BSE Metal index closed the day with a loss of 3.93 per cent, emerging as the top loser among sectoral indices.

Shares of Tata Steel plunged a day after it said it would raise Rs 16,500 crore through debt instruments to fund Rs 32,500 crore acquisition of Bhushan Steel.

Shares of Vedanta plunged after at least nine people were killed in the southern state of Tamil Nadu when police fired at violent protesters calling for the closure of a copper smelter run by parent Vedanta Resources Plc, Reuters reported.

SAIL (down 5.32 per cent), Nalco (down 3.68 per cent), JSW Steel (down 2.49 per cent), Hindalco Industries (down 2.17 per cent), Hindustan Zinc (down 1.66 per cent), Coal India (down 0.95 per cent) and NMDC (down 0.22 per cent) also remained among the losers.

Key equity indices finished Wednesday's session with heavy losses.

The Sensex index finished the day 306 points, or 0.88 per cent, down at 34,345, with 26 stocks incurring losses and only 5 with gains.

The Nifty index tanked 106 points, or 1.01 per cent, to settle at 10,430, with 14 stocks in the green, 35 in the red and one unchanged.

Shares of State Bank of India, Tech Mahindra, Cipla, UPL, Larsen & Toubro and NTPC emerged as the top Nifty gainers of Wednesday's session.

On the other hand, HPCL, Vedanta, Tata Steel, BPCL, ONGC and Indian Oil Corporation remained the top losers in the Nifty index.

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