Nifty Metal pares early gains but maintains steady led by rally in APL Apollo, Welspun Corp, Hindalco; Hindustan Copper laggard

In early deals, the Nifty Metal index has climbed more than 2.2% with an intraday high of 3,837.65.

Mar 18, 2021 02:03 IST India Infoline News Service

Bull-vs-Bear
Nifty Metal index pared early gains, however, continues to hold steady during Thursday's bell amid higher base metal prices at Shanghai and London after the US Federal Reserve’s policymaking committee kept its benchmark borrowing interest rates near zero.

In early deals, the Nifty Metal index has climbed more than 2.2% with an intraday high of 3,837.65.

However, with broader markets turning bearish in the second half of the day's session, the Nifty Metal was trading at 3,760.65 up 0.2% at around 2.40 pm.

APL Apollo was the top gainer soaring 3.3% followed by Welspun Corp surging nearly 3% and Hindalco climbing 2.3%. These three stocks keeps bears at the bay for the index.

Welspun Corp on Thursday announced that the company has received multiple orders of approximately 93 KMT valuing close to Rs777cr.

Furthermore, NALCO jumped by nearly 1% followed by a marginal rise in Tata Steel, JSW Steel and JSPL.

On the contrary, Hindustan Copper was the top laggard on the index tumbling by 4.3% followed by Hindustan Zinc and Midhani plunging by 3% and 2.6% respectively. MOIL dipped by 2.1%.

Coal India and Ratnamani slipped nearly 2%, while SAIL dived by 1.5%. NMDC dipped by nearly 1%.

At the Shanghai, overnight, Copper added 1.22%, aluminium inched up 0.57%, tin rose 0.3% and zinc gained 0.37%, while lead dipped 0.24% and nickel slipped 0.3%.

The counterpart London Metal Index witnessed Copper higher by 1.92%, aluminium up 0.77%, tin rising 3.06%, zinc inching up 1.07% and nickel strengthening 0.4%, while lead fell 0.96%.

Related Story

Open Free Demat Account (Rs699)