Nifty Metal in fast lane as focus shifts on monthly production data; MOIL, Hindustan Copper soar 5% each

The Nifty Metal index has climbed to the 3,900-mark in early deals, by touching an intraday high of 3,910.40.

Mar 01, 2021 12:03 IST India Infoline News Service

Metal company stocks are in focus on Monday, as investors gauge for monthly production data for February 2021. Additionally, near record-high base metal prices amid a spike in demand have also played a key role in the sectors upside on Indian stock exchanges. Apart from this, bullish sentiments on overall markets was a contributing factor as well.

At around 12.35 pm, the Nifty Metal index was trading at 3,868.15 higher by 1.2%. The index has climbed to the 3,900-mark in early deals, by touching an intraday high of 3,910.40.

On the index, MOIL and Hindustan Copper were top gainers soaring by nearly 5% each. NMDC advanced by 2.5%.

Stocks like JSW Steel and JSPL zoomed by nearly 2% each, while Ratnamani, Coal India, Tata Steel and NALCO advanced between 1-1.5%.

Meanwhile, SAIL and Hindustan Zinc surged nearly 1% each. Whereas, Midhani and Welspun Corp were marginally up. While Hindalco traded in the green, however, on a flat note.

APL Apollo was the only underperformer on the index, tumbling marginally. In early deals, the stock touched a fresh 52-week high of Rs1,142 per piece after the board of directors approved the scheme of amalgamation of Shri Lakshmi Metal Udyog Limited and Apollo Tricoat Tubes Limited with the company. 

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