Nifty Metal picks up pace, gains by 1% on broad-based buying; Coal India, Vedanta, Hindalco in lead

The index has touched an intraday high and low of 5,879.90 and 5,794 respectively.

Sep 15, 2021 02:09 IST India Infoline News Service

The Nifty Metal index gained momentum with broader markets turning bullish and benchmarks Sensex and Nifty 50 earmarking fresh record highs. The sector faced a cautious note amid metal prices falling globally as copper hits one-month lows that raised concerns about more pressure on Chinese stocks. However, back at home, the sentiments have been robust with and Nifty Metal as well picked pace on the upside.

At around 2.40 pm, Nifty Metal was trading at 5,863.55 up 53.20 points or 0.92%. The index has touched an intraday high and low of 5,879.90 and 5,794 respectively.

Coal India was the top gainer soaring nearly 4% followed by Vedanta and Hindalco surging by 2% and 1.6% respectively.

NMDC, JSPL, JSW Steel and MOIL climbed between 0.5-1%. Meanwhile, Hindustan Zinc, Tata Steel and Adani Enterprises advanced marginally.

While Welspun Corp and SAIL traded on a flat note.

On the other side, NALCO was the top underperformer plunging 1.6% followed by APL Apollo diving by 0.6%. Ratnamani Metals traded flat.

On Tuesday, the Union Steel Minister, Ram Chandra Prasad Singh reviewed the progress of capital expenditure (CAPEX) by Steel CPSEs.

The Union Minister emphasized the importance of capital expenditure in building steel infrastructure to spur high and sustainable growth in the post-pandemic period. The Steel CPSEs were directed to step up the pace of their CAPEX and to also streamline the processes for the timely completion of projects.

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