Back at home, the Nifty Metal index outperformed benchmark and other sectoral indices as focus shifts on monthly production data. The beginning of the July series has emerged fruitful for metal stocks.
At around 2.18 PM, Nifty Metal was trading at 5,218.45 up by 127.55 points or 2.51%. The index has touched an intraday high and low of 5,250.30 and 5,140.90 respectively.
As per media reports, Russia plans to impose an export duty on steel products. The country is preparing new export taxes for steel products, nickel, aluminium and copper which will cost their producers $2.3 billion between Aug. 1 and Dec. 31.
NALCO was the top gainer soaring 5.3% followed by Vedanta surging 4.9%. SAIL and Tata Steel were also among the top bulls climbing more than 4% each. JSPL jumped by 2.5%, while Hindalco and JSW Steel witnessed more than 2% upside each.
State-owned Coal India zoomed by 1.5%, whereas Hindustan Zinc and NMDC advanced over 1% each.
On the contrary, Welspun Corp dipped by 1.2% emerging as the top bear. APL Apollo slipped by 0.7%.
Other stocks such as MOIL, Adani Enterprises and Ratnamani were on a subdued level.
Indian metal companies are set to announce their June 2021 production data in the first week of July.
Further, the US President Biden wins Senate approval for a massive US$2 trillion infrastructure spending bill.