Nifty Metal soars over 2% ahead of major earnings; APL Apollo jumps 7%; Hindustan Copper, Tata Steel, SAIL, JSPL shine too

Except for Welspun Corp, all other stocks listed on the index are trading higher.

Oct 26, 2021 02:10 IST India Infoline News Service

Higher base metal prices and major corporate earnings have lifted Nifty Metal on Tuesday. Except for Welspun Corp, all other stocks listed on the index are trading higher. The index has hovered between an intraday high and low of 5,829.55 and 5,694.30 respectively.

At around 2.52 pm, Nifty Metal was trading at 5,811 higher by 131.35 points or 2.3%.

APL Apollo was the top bull skyrocketing by 7% followed by Hindustan Copper and JSPL advancing 4.5% and 4.4% respectively.

Tata Steel climbed 3.5%, while SAIL soared nearly 3%. Hindalco zoomed 2.5%, whereas JSW Steel and NALCO advanced more than 2% each.

NMDC surged 1.5%. Moreover, stocks like Ratnamani Metal and Vedanta gained more than 1% each while Adani Enterprises soared 0.9%.

Coal India and Hindustan Zinc traded flat but in green.

However, Welspun Corp was the only laggard diving by 0.5%.

Adani Enterprises will announce Q2 tomorrow, while APL Apollo, Ratnamani and Welspun Corp are scheduled to present their financial performance on October 28. SAIL and Vedanta are set to announce earnings on October 29. Further, JSPL will announce earnings on November 02.

On Monday, copper prices rallied as concerns over global supply chain deficiencies mount. Further, the global energy crunch that led to a rise in input costs has supported the upside in base metals. Prices are expected to move upward on the back of upside in global shortages.

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