Nifty Metal holds modest gains; MOIL, APL Apollo Tubes stocks surge over 2%

Steel companies SAIL, JSW Steel, Tata Steel also advanced. Vedanta also gained 1% post Q1 earnings.

Jul 28, 2021 02:07 IST India Infoline News Service

The Nifty Metal stocks rallied amid broader bearish markets on Wednesday. The Index after a marginally higher start slipped into the negative zone early on and remained there until a surge in the afternoon.

The Index was 0.5% higher with MOIL and APL Apollo Tubes leading the charge.  Steel companies SAIL, JSW Steel, Tata Steel also advanced. Vedanta also gained 1% post Q1 earnings.

National Aluminium, Hindustan Zinc stocks, and Jindal Steel were under pressure.

The weakness in the Indian markets tracked Asian peers which in turn followed Wall Street lower as a rout in China spurs caution and US megacap technology earnings receiving mixed response. All eyes will be on the outcome of the Fed meeting which concludes today.

BSE Sensex was trading at 52,370.21 down 208.55 points or 0.40% and Nifty50 at 15,687.95 down 58.50 points or 0.37%.

The Nifty Metal was trading at 5,495.60 up 29.70 points or 0.54%, after touching a high of 5,512.05 and low of 5,378.20 during intraday trade.

State owned mining company, MOIL led the rally by advancing 2.5% at Rs186.05 per piece. APL Apollo Tubes board will consider bonus issue on August 6. The company’s share price touched a 52-week high of Rs1,819.30 per piece, rising 13% intraday, on Tuesday. On Wednesday it was bullish again, hitting new high of Rs1,849.85 per piece during intraday trade. It was trading at Rs1,788.05 per piece, up 2.15%. 

Steel companies were also bullish as SAIl rose 1.4% at Rs131.55 per piece, JSW Steel gained 1.3% at Rs719.95 per piece and Tata Steel was 1.1% on the upside at Rs1,345.65 per piece. 

Coal India was also trading 1% higher while Vendanta was also nearly 1% higher post strong quarterly earnings. Adani Enterprises and Ratnamani were also higher.

Nalco dragged the most by tumbling 2.65% at Rs84.85 per piece. Hindustan Zinc shed 1.25% at Rs316.40 per piece. Jindal Steel lost nearly 1% at Rs415.85 per piece, after highs of previous two days. Welspun Corp, Hindalco and NMDC were also in the red. 

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