Nifty Metal gains near 1% led by broad-based buying; NALCO hits record high; SAIL, Jindal Steel add to winnings

NALCO was the top gainer hitting 52-week high at Rs88.40 per piece.

Jul 16, 2021 11:07 IST India Infoline News Service

On Friday, metal company stocks were broadly in the fast lane tracking positive Indian benchmarks and a sharp rally of global cues. A broad-based buying was witnessed in Nifty Metal as copper prices advanced in Asian trade today which lifted the mood for investors.

At around 11:25 AM, Nifty Metal was trading at 5,373.85 up by 38.45 points or 0.72%. The index has touched an intraday high and low of 5,390.50 and 5,350.50 respectively.

NALCO was the top gainer hitting 52-week high at Rs88.40 per piece.

SAIL, Jindal Steel and Vedanta climbed around 1.3% each.

Tata Steel and MOIL jumped nearly1% each as well. JSW Steel surged 0.78%. Coal India and APL Apollo inched higher by 0.6% and 0.5% respectively. NMDC and Ratnamani stocks were marginally higher to support the index.

On the contrary, Welspun Corp dipped by nearly 1% emerging as the top underperformer. Adani Enterprises, Hindalco and Hindustan Zinc plunged marginally.

On 15th July, LME copper prices rose as lower than expected growth from top consumer China strengthened hopes for more support for the world's second-largest economy. Domestic copper prices also ended with gains on Thursday, tracking overseas prices.

LME copper prices rose this Friday morning in Asian trade, supported by hopes additional stimulus to support the economy. Technically, LME Copper could see a sideways to marginal downside momentum up to $9385-$9310 levels. Support is at $9490-$9570 levels.

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