Nifty Metal in a stellar rally amid higher base metal prices; Vedanta, NMDC, JSPL, JSW Steel top bulls

All stocks listed traded on Nifty Metal outshined and were among top picks with gains from 1-6%.

Nov 23, 2021 02:11 IST India Infoline News Service

Metal company stocks were in a super rally on Tuesday as investors sentiment turned bullish on a broad-based level aided by higher global base metal prices. All stocks listed traded on Nifty Metal outshined and were among top picks with gains from 1-6%. The Nifty Metal was trading near its day's high and was the top bull on NSE. The sector was upbeat despite the broader market cautious tone.

At around 2.5 pm, Nifty Metal was trading at 5,590.35 higher by 168.75 points or 3.11%. The index has touched an intraday high and low of 5,612.05 and 5,436.95 respectively.

On the index, Vedanta was the top bull soaring over 5.5% followed by NMDC surging 4.9%. JSW Steel and JSPL climbed 4.1% and 4% respectively.

Coal India gained 3.6%, while NALCO and SAIL jumped more than 3% each. Hindustan Copper zoomed 2.7%, while Tata Steel, Hindalco and Hindustan Zinc rose by more than 2% each.

Adani Enterprises soared 1.9%, Welspun Corp gained 1.8%, while APL Apollo climbed 1.7%. Ratnamani zoomed 0.7%.

Notably, so far this year, Nifty Metal has skyrocketed by over 72%. While the index has climbed around 100% in the past year.

On the global front, Shanghai zinc prices climbed nearly 5% today which was their highest in nearly three weeks. Aluminium and copper prices also witnessed upside. The performance comes amid global supply concerns.

Data of the International Aluminium Institute revealed on Monday that global primary aluminium output rose to 5.689 million tonnes in October with a growth of 1.2% yoy. While International Copper Study Group's latest monthly bulletin showed that the global world refined copper market witnessed a surplus of 52,000 tonnes in August in comparison to a deficit of 39,000 tonnes in July
this year.

On Monday, copper prices were under pressure as renewed worries took place among investors over the demand of China which is a top consumer in the sector. However, hopes for a balanced market over the coming months also took rounds.

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