Nifty Metal outperforms 1.5%; SAIL, Ratnamani, Tata Steel drive the performance

Metal stocks were among top gainers during Monday's trading and the major driver of benchmarks Sensex and Nifty. At around 3.07 pm, Nifty Metal was trading at 2,815.90 up 41.15 points or 1.48%. The index has touched the day's high of 2,820.

On the index, SAIL was the lead gainer, trading at Rs43.45 per piece up 5.72%, followed by Ratnamani Metals at Rs1,701.70 per piece soaring by 3.79%.

MOIL surged over 3%, followed by JSPL gaining over 2%.

JSPL registered a 13% growth in standalone steel production in October 2020. The production stood at 585,000 metric tons compared to 518,000 metric tons in the same month last year.

Other stocks that gained were - Tata Steel advancing by 2%, followed by Hindalco, Coal India and APL Apollo zooming by near 1% each.

JSW Steel and NMDC gained marginally.

On the other hand, Midhani was the top underperformer, trading at Rs190 per piece down 2% after reports said that the government plans to offload 10% stake in the company via offer for sale.

Meanwhile, Hindustan Copper, Hindustan Zinc, Welspun Corp and NALCO were also in the negative zone.