Nifty Metal skyrockets 3% with Tata Steel, Hindalco being top performers

Tata Steel leads the way trading 7% higher.

Nov 11, 2020 02:11 IST India Infoline News Service

Metal stocks soared in Wednesday’s volatile trade. Indian benchmark indices opened at a record high today as hopes for a successful coronavirus vaccine soon. Gains in the domestic indices were led by banks, auto and pharma stocks. In the second half trading session, metal stocks picked up paces. 

Nifty Metal Index was trading at 2,637.20 up 80.50 points or 3.15% around 3.00 pm, after opening at 2,562.60 and touching a high of 2,638.95 on Wednesday.

Tata Steel was top performer, trading 7% higher while Hindalco (+5.17%), SAIL (+4.22%)and Hindustan Zinc (+3.45%) stocks also contributed in the upside.

Tata Steel in Europe and POSCO from South Korea will collaborate to develop and test steels and tube designs, which will be used to create a hyperloop - a tube big enough to carry a passenger or freight pod able to travel at more than 1,000km/hour. Hindustan Zinc will supply 45,000 tonnes of zinc to Tata Steel.

Hindalco Industries on Tuesday reported a 60.2 percent fall in consolidated profit after tax (PAT) at Rs 387 crore for the quarter ended September 30 but said it is expecting a strong third and fourth quarter as demand has returned in domestic as well as export markets.

NMDC is struggling by trading 3.46% lower. NMDC announced share buyback worth Rs1,378cr.

The indices are bullish with BSE Sensex trading at 43,540.83 up 263.18 points or 0.61% and Nifty 50 at 12,730.35 up 99.25 points or 0.79% at around 3.08 pm. 

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