Vedanta, Hindustan Zinc shares slip up to 4% amid metal indices' record run

Shares of metal majors Hindustan Zinc and Vedanta slipped up to 4% today as non-ferrous metal majors witnessed profit-booking amid the ongoing record rally in the metal sector. Vedanta shares fell 4.10% to Rs 325 in the current session against the previous close of Rs 338.90. The stock gained for the last four sessions as the government raised import duties on precious metals such as gold and silver to 15% from 9%. Vedanta is the parent firm of Hindustan Zinc, India's largest primary silver producer. Any positive development for Hindustan Zinc supports sentiments in the Vedanta stock.

Vedanta shares are trading lower than the 20 day, 30 day, 50 day, 100 day, 150 day, 200 day but higher than the 5 day and 10 day moving averages. Market cap of the firm slipped to Rs 1.28 lakh crore. A total of 17.89 lakh shares of the firm changed hands amounting to a turnover of Rs 58.91 crore. 

The stock has risen 105% in a year years and gained 109% in two years. In terms of technicals, the relative strength index (RSI) of Vedanta stands at 28.8, signaling the stock is trading in the oversold zone.

 Meanwhile, the BSE metal index zoomed to a record high of 44,569 in early morning deals today. Later, the BSE metal index slipped 158 pts to 44,104. 

Nifty metal index also surged to a record high of Rs 13,628. Later, the index was trading with minor losses of 78 pts at 13,483. 

Hindustan Zinc shares also slipped 3.75% to Rs 644.15 against the previous close of Rs 669.10. The shares of Vedanta's arm had risen in the last three sessions. The firm is India's largest primary silver producer. It manufactures refined silver with a purity of at least 99.9%, primarily extracted from Sindesar Khurd mine in Rajasthan. 

The zinc and silver major's stock stands higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. The share has gained 47 per cent in a year and gained 109 per cent in three years. Total 1.56 lakh shares of the firm changed hands amounting to a turnover of Rs 10.14 crore. Market cap of the firm slipped to Rs 12.17 lakh crore.