Nifty Metal shines despite Covid concerns, index tops 2% as Q4 results take focus; Hindustan Zinc, JSW Steel, Tata Steel drive

The index has touched an intraday high of 4,497.70.

Apr 22, 2021 01:04 IST India Infoline News Service

Indian metal company stocks outperformed benchmarks Sensex and Nifty on Thursday despite ongoing Covid-19 spread weighed on broader markets. The sector was the top bull today as March 2021 quarterly results come into focus. Also, the sector shrugged off the lower base metal prices effect as the US dollar rose from a seven-week low hit overnight.

At around 1.46 pm, Nifty Metal is trading at 4,488.15 up by 103.75 points or 2.4%. The index has touched an intraday high of 4,497.70.

On the index, Hindustan Zinc was the top gainer soaring by nearly 5%. The company is set to announce its March 2021 quarterly result on April 27, 2021.

JSW Steel and Tata Steel were also in the fast lane strengthening by 4.5% and 4.3% respectively. SAIL jumped by 3.7%.

JSPL and NMDC climbed by 2.2% and 2.07%. While Adani Enterprises zoomed by 1.6% and Ratnami advanced by 1.07%.

Between 0.5-1% rise was recorded in Hindalco, NALCO, Vedanta, Coal India, MOIL and Welspun Corp.

However, APL Apollo was the only underperformer tumbling by 2.3%.

At Shanghai exchange, overnight, Copper strengthened 0.99% and aluminium surged 1.56%, while zinc dipped 0.28%, nickel dropped 0.56%, lead shed 0.2% and tin slid 0.52%.

Meanwhile, on the London Metal Exchange, Copper climbed 1.78%, aluminium soared 2.25%, zinc zoomed 0.36%, nickel gains 1.63% and lead increased 0.47%, while tin edge down 0.02%. 

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