Nifty Metal at historic highs led by broad-based buying; NALCO, MOIL, Vedanta lift the performance

NMDC, JSW Steel and Jindal Steel were marginally higher.

Jul 30, 2021 11:07 IST India Infoline News Service

Bull Market
On Friday Nifty Metal continued to record fresh historic high during amid June 2021 quarterly earnings announcements and improved business outlook for the sector. Also, a broader bullish markets, further lifted the index ahead of F&O expiry. Heavyweights Adani Enterprises, Ratnamani led the gains while Vedanta and NALCO were among the top performers. 

The index traded near the fresh record highs. 

At around 11:20 AM, Nifty Metal was trading at 5,845.15 up 34.40 points or 0.59%.

The index has earmarked a new 52-week high of 5,870.05 earlier today. 

Vedanta advanced over 2.5% at Rs296.05 per piece being the top performer on the index. Investors are upbeat in the stock after the company's Q1 PAT jumps over four-folds to Rs4,280cr.

NALCO and MOIL surged around 2% emerging among the top gainers in the sector.

Coal India, SAIL, Hindustan Zinc and Adani Enterprises climbed between 1-1.5%. Ratnamani Metals was nearly 1% higher.

NMDC, JSW Steel and Jindal Steel were marginally up.

However, Welspun Corp tumbled over 1% to emerge as top bear in the sector. Company's consolidated June 2021 net sales contracts 37% to Rs1298.94cr while its net profit jumps 80% to Rs97cr.

Hindalco also shed nearly 1% while Tata Steel and APL Apollo were also under pressure. Recently, APL Apollo stocks hit new high at Rs1,849.95 per piece after announcement of bonus issue proposal.

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