Nifty Metal index outperforms; SAIL, NMDC stocks surge

The Nifty Metal index rose 2% to 2,109 levels, outperforming other sectoral indices on the NSE. The index has added 3.03% in three sessions.

Jul 17, 2020 02:07 IST India Infoline News Service

Steel angles, Metals
Equity benchmark indices hit fresh intraday high, with the Nifty50 index added 73 points or 0.62% at 10,807. The S&P BSE Sensex was up 232 points or 0.64% at 36,704. In the broader market, the S&P BSE Mid-Cap and the S&P BSE Small-Cap indices rose 1% gain each.

The Nifty Metal index rose 2% to 2,109 levels, outperforming other sectoral indices on the NSE. The index has added 3.03% in three sessions.

Buying seen in Hindustan Copper, NMDC, JSW Steel and MOIL which has gained over in the range of 5-4%, respectively.

Tata Steel, SAIL, Ratnamani and Coal India has also climbed over 3%, followed by APL Apollo, Welspun Corp, Jindal Steel and Vedanta were also surged in the metal index.

According to the media reports, London copper fell today amid US-China relations and rising coronavirus infections that could dampen global economic recovery and demand for metals.

Three-month copper on the London Metal Exchange fell $0.2% to $6,426.50 a tonne.

Meanwhile, Fitch Solutions remained bullish about the base metals sector, citing better-than-expected Chinese demand, supply disruption, stimulus measures and economic re-openings around the world, the media reports added.

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