Nifty Metal recovers from previous selloff, index tops 1% on broad-based buying; JSW Steel, SAIL, JSPL lead the bulls

Nifty Metal has climbed nearly 1.5% so far today, while hovering between an intraday high and low of 5,384.95 and 5,268.95 respectively.

Sep 21, 2021 01:09 IST India Infoline News Service

The Nifty Metal has recovered from their previous day's losses and was among the top bulls on Tuesday driven by broad-based buying as investors took a breather from GST rate hikes on some of the products of the sector.

The Nifty Metal has climbed nearly 1.5% so far today, while hovering between an intraday high and low of 5,384.95 and 5,268.95 respectively.

The metal stocks have even shrugged off the effect of the three-month high US dollar that usually makes greenback-priced metals expensive.

At around 1.03 pm, Nifty Metal is trading at 5,380.60 higher by 71.60 points or 1.35%.

JSW Steel was the top gainer soaring over 4% followed by SAIL and JSPL climbing by 2.3% each. NALCO jumped by 1.8%, while Vedanta and NMDC zoomed 1.7% each.

Coal India and Welspun Corp advanced by 1.6% each, while Adani Enterprises surged a little over 1%. Tata Steel also soared nearly 1%. Hindalco traded on a flat note.

On the contrary, APL Apollo was the top underperformer tumbling over 4% followed by Hindustan Zinc slipping over 1.6%. MOIL advanced over 1%. Ratnamani Metal was marginally down.

The GST Council in its latest meeting increased the rates to 18% from 5% on Ores and concentrates of metals such as iron, copper, aluminium, zinc and few others.

On Monday, the Union Steel Minister, Ram Chandra Prasad Singh launched the Dashboard 2.0 of the Ministry of Steel to monitor and analyse the performance of steel companies on a real-time basis for different KPIs of the Steel sector.  The Dashboard is an interactive and dynamic online platform that captures the performance on various parameters related to the steel sector such as steel capacity utilisation, production and consumption, prices, raw material production, trade, stocks and rail production etc.

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