Nifty Metal index gains 1% on broad-based buying; Coal India, APL Apollo, Hindalco in lead

Ministry of Coal has plan to launch next round of auction process for forty new coal mines for sale of coal.

Oct 11, 2021 10:10 IST India Infoline News Service

Bull run Faster
On Monday, metal company stocks were broadly in the fast lane tracking positive Indian benchmarks and a sharp rally of global cues. Indian markets extended their rally after the Reserve Bank of India left policy rates unchanged and seem to gradually move towards policy normalisation.

However, India facing power blackouts on thermal coal crisis is also a matter of concern as metal sector is among the influential sector for the power industries.

At around 10:40 AM, the Nifty Metal was trading bullish at 5,370.90 up by 49.45 points or 0.87%. The index has touched an intraday high and low of 5,757.95 and 5,707.65 respectively.

Coal India was the top performer surging over 3.5% at Rs195.05 per piece followed by APL Apollo advancing 2% while Hindalco and NALCO supported the index by inching higher.

NALCO, JSW Steel and Vedanta climbed around 1% each. In addition, Tata Steel, Ratnamani Metals and SAIL added marginal gains to the bullish sector. Jindal Steel was 0.18% higher at Rs416.60 per piece.

On the flipside, Hindustan Copper dipped over 1% emerging as the top underperformer. Adani Enterprises, Hindustan Zinc and Welspun Corp plunged marginally.

Furthermore, the Ministry of Coal has plan to launch next round of auction process for forty new coal mines for sale of coal as it will help reduce India’s coal imports and ensure energy security. As for the India's coal crisis, Centre assures that the coal availability is sufficient to meet power plant demands.

JSW Steel stocks edges higher as its crude steel production recorded at 5.07 MT in Q2FY22, the company reported today.

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