Nifty Metal rallies amid rising aluminium prices; Vedanta, Hindalco led the bull run

National Aluminium stock was also bullish while Coal India, NMDC and Welspun Corp dragged the sector.

Oct 12, 2021 01:10 IST India Infoline News Service

Nifty Metal index rallied despite volatile markets on Tuesday. Vedanta Limited led the charge, meanwhile, National Aluminium and Hindalco were also in the fast lane. The performance in metal stocks emerge amid rising aluminium prices.

Globally Aluminium prices rose on Monday to their highest since 2008 due to increases in costs of energy and raw materials used to make the metal and output cuts by the biggest producer, China.

Coal India emerged the laggard amid Asia coal prices surging to fresh records. NMDC and Welspun Corp also dragged the sector.

Indian benchmark indices swung between gains and losses on Tuesday amid weakness in global peers. Cosumer Durables stocks led the gains followed by FMCG and auto stocks.

At around 1.12 pm, BSE Sensex was trading at 60,094.04 down 41.74 points or 0.07% and Nifty50 at 17,934.55 down 11.40 points or 0.06%.

Nifty Metal was trading at 5,793.95 27.55 0.48, after touching a high of 5,837.15 and low of 5,720.60 during intraday trade.

Vedanta rose 3.3% at Rs307.55 per piece to outperform. National Aluminium was 1.66% higher at Rs97.95 per piece. Heavyweight Hindalco also rose over 1.5% at Rs494.95 per piece to lead the rally.

Tata Steel (up 0.7%), Hindustan Copper (up 0.5%) were also in the green while Hindustan Zinc and Jindal Steel advanced marginally. 

Coal India dived 1.63% at Rs193.65 per piece while Welspun Corp was 1.3% down at Rs145.65 per piece.

Coal India was under pressure amid reports of dearth of fuel supply to power plants.

As for Welspun Corp, the company struggled despite becoming first from India to join the H2Pipe Joint Industry Project on Hydrogen Pipelines. NMDC also dragged 1.1% at Rs151.35 pewr piece. 

APL Apollo Tubes, SAIL were down 0.5% and 0.4% respectively. Ratnamani, JSW Steel and Adani Enterprises traded marginally lower. 

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