Nifty Metal in the fast lane amid broad-based buying; APL Apollo, Hindalco, Welspun Corp top bulls

A broad-based buying was recorded in Nifty Metal and the index emerged among top gainers.

Aug 25, 2021 01:08 IST India Infoline News Service

Bull market
The Nifty Metal index traded in the fast lane on Wednesday despite base metal prices witnessing a cautious note ahead of key U.S. Federal Reserve gathering. A broad-based buying was recorded in Nifty Metal and the index emerged among top gainers. On the Nifty Metal, 12 scrips advanced and only 2 scrips declined.

At around 1.07 PM, the Nifty Metal was trading at 5,492.60 up 47.80 points or 0.88%. The index has touched an intraday high and low of 5,533 and 5,472.45 respectively.

APL Apollo was the top gainer soaring nearly 3% followed by Hindalco and Welspun Corp surging more than 2% each.

Coal India and MOIL jumped by 1.8% and 1.7%, while Adani Enterprises and SAIL advanced 1.5% and a little over 1%.

SAIL climbed nearly 1%, while JSPL, JSW Steel and Ratnamani traded marginally up. Tata Steel and NALCP traded on a flat note.

NMDC and Hindustan Zinc were the only laggards but with slight downside.

The three-month copper on the London Metal Exchange has tumbled near $9,350 a tonne, while the Shanghai Futures Exchange was near $10,680 a tonne as investors await for key U.S. Federal Reserve gathering.

Traders are expected some signal on plans for policy tapering from the US Fed.

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