Nifty Metal joins bull bandwagon; Welspun Corp hits new high; Tata Steel, APL Apollo lift sentiments

Welspun Corp hits new 52-week high at Rs165 per piece on receiving multiple orders worth Rs1,725cr.

Jun 09, 2021 11:06 IST India Infoline News Service

Stock-Market1
Nifty Metal was performing well on the exchange during Wednesday's trading session lifting Nifty 50 benchmark amid bullish markets. Welspun Corp led the gains while NMDC was also among the top performers.

At around 11:15 AM, Nifty Metal was trading at 5,283.95 up 25.25 points or 0.48%, after opening higher at 5,276.35 touching a high of 5,306.75 and low of 5,256.55.

Meanwhile, the BSE Sensex was trading at 52,372.05 up 112.07 points or 0.21% and Nifty50 at 15,773.40 up 21.45 points or 0.41%

Welspun Corp surged nearly 4.5% at Rs161.80 per piece to lift the sectorial performance. The company hits new 52-week high at Rs165 per piece on receiving multiple orders worth Rs1,725cr.

NMDC and SAIL also rallied over 2% to further stregthen the position of the Index on Wednesday. Coal India rose 0.64% at Rs157 per piece. MOIL gained 0.54% at Rs193.80 per piece. Ratnamani Metals was also trading green by 0.54%. Recently, MOIL receives patent for alternative filing material for hydraulic stowing in underground mines. This is the first patent of MOIL since its inception.

APL Apollo, Hindalco, Jindal Steel gained between 0.3% to 0.4% to emerge among the gainers on Wednesday.

Heavyweight Tata Steel also advanced 0.23% at Rs1,113.70 per piece. National Aluminium also advanced above 0.21%

Vedanta also traded in the green.

However, Hindustan Zinc, JSW Steel and Adani Enterprises dragged the sector by trading marginally down. On Tuesday, Adani Enterprises has incorporated a wholly-owned subsidiary namely, Mundra Windtech Limited ("MWL").

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