Nifty Metal recovers early loss, index holds steady; Vedanta, APL Apollo, Hindalco keep bears at bay; Hindustan Zinc top laggard

The index has touched an intraday high and low of 5,806.15 and 5,707.95 respectively.

Aug 03, 2021 01:08 IST India Infoline News Service

The Nifty Metal index has recovered losses in the second half trading session of Tuesday led by broad-based buying in stocks. Nearly 1% drop was recorded in the index during the early hours of today's trade. However, sentiments turned positive with benchmarks recording new historic highs.

The sector is in focus as companies are announcing their production data for July 2021. The majority of metal companies have witnessed a stable operational performance in July indicating demand is improving.

Also, sentiments were boosted as the country's Manufacturing Purchasing Managers’ Index (PMI) rose to 55.3 in July 2021, pointing to the strongest rate of growth in three months. Operating conditions in India improved during July after growth was halted by the escalation of the pandemic in June. Output, new orders, exports, the number of purchases and input stocks all returned to expansion territory, while a marginal increase in employment ended a 15-month sequence of job shedding.

At around 1.46 PM, the Nifty Metal is trading at 5,798.35 up by 17.05 points or 0.29%. The index has touched an intraday high and low of 5,806.15 and 5,707.95 respectively.

Vedanta and APL Apollo were top gainers soaring by more than 1% each. Hindalco and Ratnamani surged nearly 1% each too.

NMDC and MOIL climbed over 0.9%, while SAIL and Welspun Corp surged by 0.8% and 0.6% respectively.

Tata Steel and Adani Enterprises zoomed marginally, while NALCO traded flat.

On the other hand, Hindustan Zinc was the top laggard tumbling 1.2% followed by JSW Steel slipping 0.8%. Coal India and JSPL traded flat but in red. 

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