Nifty Metal holds steady; Vedanta, Adani Enterprises lead the gains

Jindal Steel and Hindustan Zinc traded on a muted note.

November 08, 2021 10:40 IST | India Infoline News Service
IT Stocks Up
Nifty Metal company stocks pares its early gains to trade flat on Monday amid volatility. The metal index has seen uptrend during early trading hours after auspicious hour of Muhurat Trading on Diwali festival. However, investors turned cautious on the index. Nifty metal witnessed steady performance as the index had pared its early gains but losses were offset by heavyweights Adani and Ratnamani which were performing on a higher note. 

The performance comes after the US dollar index retreated from a more than one-year peak hit of last week's Friday. This led to steady demand for base metals.

Further, China's copper imports increased for the second consecutive month in October to 410,541.3 tonnes which were higher than 406,015.6 tonnes in the previous month.

Today, the Nifty Metal index traded higher and hovered between an intraday high and low of 5,755.50 and 5,634.95 respectively due to a broad-based selloff in few stocks.

At around 10:40 AM, Nifty Metal is trading at 5,710.25 higher by 12.30 points or 0.22%. The index had 5 scrips on the decline side and 8 scrips on the advance front.

Vedanta and Adani Enterprises were among top gainers soaring around 2% each followed by NMDC advancing above 1%. Vedant stocks in focus as Brand 'Cairn' is now exclusively owned by the company. NMDC was also on the upside after the metal giant keeps prices of lump ore, fines unchanged.

Major stocks like SAIL, JSW Steel, Ratnamani Metals, APL Apollo were on the upside to support the index amid volatility.

Meanwhile, Jindal Steel and Hindustan Zinc traded on a muted note.

On the contrary, Hindalco was the top underperformer plunging by nearly 2% at Rs464.85 per piece. Welspun Corp and NALCO dived around 1.5% each.

Coal India and Hindustan Copper were also under pressure to drag the overall index.

Last week, base metal prices rose after the US Federal Reserve hinted at no immediate hike in interest rates in the near term for sustaining the recovery in economic growth and employment.

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