Nifty Metal soars 3% despite lower base metal prices globally; SAIL, JSPL, MOIL top gainers

The index has touched an intraday high and low of 4,322.25 and 4,200.25 respectively.

Apr 13, 2021 03:04 IST India Infoline News Service

Metal stocks traded on a higher note during Tuesday's session despite the base metals at Shanghai and London exchange cruised lower ahead of the China trade data. On the domestic front, investors were upbeat on Indian metal company stocks as they gauge March 2021 quarter result.

At around 2.54 pm, Nifty Metal is trading at 4,308.10 higher by 112.10 points or 2.67%.

The index has touched an intraday high and low of 4,322.25 and 4,200.25 respectively.

On the index, SAIL and JSPL were top gainer soaring nearly 5% each. MOIL followed advancing by over 4.5%.

JSW Steel and NALCO jumped by 3.6% each. While Hindalco and Tata Steel zoomed nearly 3% each.

Adani Enterprises and NMDC soared by 2.3% and 2.4% respectively. While Coal India strengthened by 1.9%.

Vedanta and Ratnamani surged over 1% each. Meanwhile, Welspun Corp recorded a marginal upside.

However, Hindustan Zinc and APL Apollo were top underperformers plunging nearly 1% each.

Overnight, at the Shanghai Futures Exchange, Copper dipped 0.23%, aluminium skid 0.17%, zinc shed 2.12%, nickel slipped 2.02%, lead dived 0.44% and tin fell 0.8%. Meanwhile, at the London Metal Exchange, Copper slumped 0.64%, aluminium edged lower 0.09%, zinc and nickel tumbled 2.7% and tin dropped 0.33%, while lead gained 0.41%.

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