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Nifty Metal holds steady amid broader positive markets; Adani Enterprises, Welspun Corp keep bears at bay; Vedanta, Ratnamani top laggards

Hindustan Copper and NALCO gained between 0.3% to 0.4% to emerge among the gainers in the index.

November 24, 2021 10:40 IST | India Infoline News Service
On Wednesday, Nifty Metal pulled back from their previous super rally and was on a volatile zone led by weak global cues tracking overall markets. The index was floating steadily with the majority of stocks witnessing marginal upside. 

Globally, Base Metals closed mixed in overnight trading with SHFE Lead registering biggest gain. Further, markets remained on edge with the latest surge of Covid-19 cases in European region which overshadowed strong PMI data for the euro zone. 

Also, back to the home, Indian metal companies are assertive for their November production data which could help investors mood to play accordingly.

At around 10:40 AM, Nifty Metal was trading at 5,609.80 up 9.40 points or 0.17%, after opening higher at 5,613.75. The index has also  touched a high of 5,620.05 and low of 5,564.80 during intraday trade.

Welspun Corp led the gains to surge nearly 3.5% at Rs155.25 per piece followed by APL Apollo gaining around 2.5% at Rs933.15 per piece to lift the sectorial performance.

Adani Enterprises and Coal India also rallied around 2% to further strengthen the position of the Index on Wednesday. Jindal Steel rose 0.80% at Rs383.90 per piece. JSW Steel gained 0.69% at Rs688 per piece. NMDC was also trading green by 0.56%. 

Hindustan Copper and NALCO gained between 0.3% to 0.4% to emerge among the gainers in the index.

However, heavyweights Tata Steel, SAIL, Hindustan Zinc, Hindalco, Ratnamani Metals dragged the sector by trading marginally down. Besides, Vedanta was emerged as the top loser, shed nearly 2.5% at Rs345.50 per piece in the index.

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