Nifty Metal index rallies on broad-based buying; Vedanta, NALCO, Welspun lift the performance

Jindal Steel & Power board has approved raising up to $1 billion via senior unsecured bonds.

Sep 02, 2021 10:09 IST India Infoline News Service

Bull market
On Thursday, metal company stocks traded higher driven by broad-based buying in major stocks tracking positive Indian benchmarks. The sector is in focus ahead of its monthly production data while London aluminium hits 10-year high on supply concerns which lifted the mood for investors.

On the Metal index, 13 scrips advanced and 2 scrips declined currently rebounding from Wednesday's session.

At around 10:45 AM, the Nifty Metal was trading at 5,643.20 up by 30.75 points or 0.55%. The index has touched an intraday high and low of 5,670.80 and 5,626.30 respectively.

Vedanta was the top gainer surging by 3% to lift the performance followed by NALCO gaining 2% at Rs90.05 per piece.

Welspun Corp was trading at Rs117.25 per piece, up 1.38%

Coal India, JSW Steel and Adani Enterprises climbed around 1% each.

Tata Steel and MOIL jumped nearly 0.5% each as well. APL Apollo surged 0.33% while NMDC and Hindalco also supported to trade 0.30% and 0.23% higher respectively. SAIL and Jindal Steel were trading on a flat note.

On the contrary, Ratnamani Metals and Hindustan Zinc plunged nearly 1% to drag the index

Coal India stocks in focus as its production in August rises 14.6% yoy to 42.6 million tonnes.

JSW Steel’s Joint MD & Group CFO Seshagiri Rao said that the company expects exports to compensate sluggish domestic demand.

NMDC reports its iron ore production rises 44% yoy to 15MT in April-August. Also, Jindal Steel & Power board has approved raising up to $1 billion via senior unsecured bonds

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