At around 2.48 pm, Nifty Metal was trading at 5,362.05 higher by 267.05 points or 5.24%. The index has touched a new all-time high of 5,371.30.
NALCO was the top gainer soaring by 13.13% followed by NMDC advancing by 9.4%. SAIL and MOIL followed strengthening by more than 8% each. Tata Steel and Vedanta also surged by 7.4% and 6.7% respectively.
Hindustan Zinc and JSPL climbed by 5.8% and 5.09% respectively. While Hindalco and JSW Steel jumped more than 4% each.
Coal India and Welspun Corp gained by 1.9% each, while Adani Enterprises was higher by 1.5%.
On the downside, APL Apollo was lower by 2.3% followed by Ratnamani was down 0.3%.
Metal is currently in a sharp rally which has driven raw materials from iron ore to copper at a multi-year high. Stimulus measures and Covid-19 vaccination drive are tapping prospects for the resurgence in demand going forward.
At the London Metal Exchange, Copper has risen to as much as $10,246.50. Furthermore, steel prices are booming in Asia and North America. Hong Kong base metals have also recorded double-digit growth this year.