Nifty Metal index recovers early losses; Hindustan Zinc, Adani Enterprises, SAIL keep bears at bay

SAIL, NMDC hit new highs to lift the sector along with Hindustan Zinc and Adani Enterprises.

Apr 05, 2021 02:04 IST India Infoline News Service

Nifty Metal stocks rallied in the afternoon trade on Monday. The index after opening marginally higher at 4,206.10 slipped to a low of 4,101.15 in early trade.

However, it recovered as the day progressed and was trading near the day’s high of 4,241.85 at 4,206.70 up 17.55 points or 0.42% at around 2.15 pm.

Hindustan Zinc led the sectorial recovery followed by Steel Authority of India (SAIL). APL Apollo Tubes and Welspun Corp were the biggest laggards.

Hindustan Zinc stretched the winning streak to third straight session at Rs294.30 per piece, up 5%. 

SAIL hit an over two-year high of Rs88.70 on the NSE as they rallied 5.5% in intrday trade on Monday, in an otherwise weak market, after the company recorded its best-ever quarterly performance both in terms of production and sales during the January-March quarter (Q4FY21). SAIL was latest trading at Rs87.60 per piece, up 4.5%.

Adani Enterprises Limited climbed 2.3% at Rs1,132.85 per piece. Adani Enterprises along with its Wholly Owned Subsidiary company, Gare Palma II Collieries Private Limited has signed Coal Mining Agreement with Maharashtra State Power Generation Company Limited for development and operation of Gare Palma Sector II Coal Mine. Also Adani Road Transport Limited a wholly owned subsidiary of Adani Enterprises Limited has received a letter of award (LOA) for the below mentioned road project in the State of Odisha

NMDC also hit fresh 52-week high of Rs143.55 per piece. The mining company has increased lump ores prices by 9% to Rs5,850 per tonne from Rs5,350 per tonne with effect from April 3, 2021. The price of fines has been increased by 6% to Rs4,560 per tonne from Rs4,310 per tonne. It was trading 1.59% at Rs140.65 per piece. 

JSW Steel was also 1.56% higher while Ratnamani also gained over 1%. Jindal Steel and Tata Steel also traded higher while Vedanta was trading flat.
APL Apollo Tubes shed 6.56% at Rs1,239.65 per piece and Welspun Corp was down 5.16% at Rs139.70 per piece. MOIL, National Aluminium, Coal India and Hindalco also traded in the red. 

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