At around 2.45 pm, Nifty Metal was trading at 5,088.15 up by 118 points or 2.37%. The index has touched a new record high of 5,118.20 in early deals.
The index has been on a rising spree since February this year as demand picked up and steel prices witnessed an upside.
Metal company stocks have been in a significant run since early February with steel prices picking up momentum. A host of factors such as improvement in the commodity cycle, rising steel prices, and strong demand has played a major role in the bull run of this sector. The sector even defied the second wave of the Covid-19 pandemic in the country. Corporate earnings season also had its share of swaying the sentiments.
In the last few hours, India recorded 4,12,262 new Covid-19 cases with 3,29,113 discharges and 3,980 deaths.
On Nifty Metal, Hindalco was the top gainer soaring by 4.8% followed by JSPL and Hindustan Zinc surging by 3.3% and 3.09% respectively.
Tata Steel followed by advancing 2.8%. The company has announced its financial performance for the March 2021 (Q4FY21) quarter, under which it recorded the highest ever quarterly crude steel production of 4.75 mn tons, registered a 3%QoQ growth in 4QFY21. FY21 production stood at 16.92 mn tons. Consolidated PAT was at Rs7,162cr in Q4FY21.
Further, NALCO gained 2.6%, while Welspun Corp and Adani Enterprises jumped by 2.5% and 2.06% respectively.
Stocks like Vedanta, SAIL, NMDC and JSW Steel climbed between 1.5-2%. Coal India surged 1.2%, while MOIL zoomed by 0.7%.
On the contrary, APL Apollo and Ratnamani were top laggards slipping by 0.7% and 0.3% respectively.