Nifty Metal stays steady despite mixed metal prices; JSW Steel, Hindalco in focus amid Q4; Welspun Corp leads

The index has touched an intraday high and low of 5,147.85 and 5,090.75 respectively.

May 21, 2021 02:05 IST India Infoline News Service

Bull and bear
Metal stocks witnessed modest gains on Friday led by broad-based buying. The performance comes despite mixed base metals prices at the Shanghai and London exchange as investors appetite for riskier assets returned after a wave of selling in the past trading session. Corporate earnings of major stocks further lifted the Nifty Metal index.

At around 2.27 PM, Nifty Metal is trading at 5,102.90 up by 25.55 points or 0.50%. The index has touched an intraday high and low of 5,147.85 and 5,090.75 respectively.

JSW Steel and Hindalco are in focus ahead of their March 2021 quarterly result.

On the index, Welspun Corp took lead in the gaining list surging by 3.1%. JSPL followed by rising nearly 2%.

Stocks like Hindalco, JSW Steel, Ratnamani, Adani Enterprises, Tata Steel and Coal India jumped between 0.6-1%.

Hindustan Zinc and SAIL advanced marginally.

On the downside, APL Apollo was at the top spot tumbling 1.4% followed by NMDC and MOIL diving 1.3% and 1% respectively. NALCO dipped by 0.6%, while Vedanta was marginally down.

At the Shanghai Future Exchange, overnight, Lead strengthened 1.26% and zinc zoomed 0.16%, while aluminium declined 1.76%, copper tumbled 0.03%, nickel dipped 1.42% and tin contracted 0.15%.

Meanwhile, at the London Metal Exchange, Copper jumped 0.07%, tin inched higher 0.12%, zinc added 0.82% and lead climbed 1.95%, while aluminium and nickel underperformed with 1.78% and 1.28% downside respectively.

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