Nifty Metal in fast lane, index soars over 1%; Adani Enterprises rise 8%; NALCO, Welspun Corp add to gains

Nifty Metal index has outperformed Nifty 50 led by sharp buying in Adani Enterprises.

Apr 06, 2021 12:04 IST India Infoline News Service

The majority of metal stocks were in the fast lane on Tuesday's trading session contributing to the benchmarks Sensex and Nifty's overall performance. Metal companies are in focus amid the March production data announcement, under which the majority have witnessed improvement. Nifty Metal index has outperformed Nifty 50 led by sharp buying in Adani Enterprises.

At around 12.28 pm, Nifty Metal was trading at 4,277.75 up by 51.35 points or 1.21%. The index has touched an intraday high of 4,305.50.

After earmarking a new all-time high of Rs1,241 per piece in the early trading session on Nifty Metal, Adani Enterprises was trading at Rs1,225.90 per piece up by 7.7%. The stock was the top gainer on the index.

Welspun Corp surging by 2.5% and NALCO advancing by 2.3% also contributed to the index's gains heavily.

JSW Steel zoomed by 1.8%, while SAIL, APL Apollo and JSPL climbed by 1.5% each.

Coal India also recorded more than 1% gain.

Stocks like Vedanta, Ratnamani, MOIL and Hindalco surged between 0.3-0.5%.

However, on the downside, Hindustan Zinc was the top underperformer on the index plunging by 1.6% followed by NMDC slipping 1.2% and Tata Steel lower by 0.5%.

The base metals trading on the Shanghai Futures Exchange (SHFE) were closed on April 02 and April 05 due to the Qingming holiday. While the counterparts on the London Metals Exchange (LME) were shut due to Easter Holidays last Friday and Monday. 

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