Nifty Metal extends gain, index jumps over 1%; Coal India, Hindalco, NALCO top bulls

Metal stocks have been under pressure since the start of this week as the debt crises of Evergrande took a toll on industrial metals and ore prices.

Sep 22, 2021 02:09 IST India Infoline News Service

Bull Market
The Nifty Metal index extended its gaining momentum on Wednesday as metal prices global advanced after China's real estate giant Evergrande calmed the free fall spree in stocks by announcing to pay bond interests tomorrow. The Nifty Metal index has been hovering between an intraday high and low of 5,530.20 and 5,530.20 respectively. The majority of stocks listed on the index was in the fast lane with state-owned companies in the lead.

At around 1.59 pm, Nifty Metal is trading at 5,511 higher by 66.55 points or 1.2%.  On the index, 11 scrips advanced and 4 scrips declined.

Coal India was the top gainer soaring over 3%, while Hindalco and NALCO followed by surging 2.4% and 1.8% respectively.

Stocks like NMDC, MOIL, JSW Steel, JSPL and Tata Steel climbed between 1-1.5%. Vedanta and Ratnamani were marginally up, while Adani Enterprises traded flat.

On the contrary, Hindustan Zinc dipped nearly 1% followed by APL Apollo with a marginal downside. SAIL and Welspun Corp traded on a muted level but in red.

Traders globally have a cautious sentiment while keeping a close watch on China's Evergrande's ongoing crisis, and Indian markets are performing on similar lines on Wednesday.

Investors have kept a close watch on China's biggest real estate developer Evergrande default and its impact on the system.

Evergrande that is grappled under a $300B liabilities burden, has announced that it would make a bond interest payment on September 23 (tomorrow) which gave a major relief to global markets. Major experts have ruled out the possibility of Evergrande being a Lehman Brothers crisis.

Metal stocks have been under pressure since the start of this week as the debt crises of Evergrande took a toll on industrial metals and ore prices. 

Related Story

Open Free Demat Account (Rs699)