MOIL dragged the most in the metal index.
Metal stocks have rallied after easing in restrictions due to the slowdown of the Covid-19 wave last month on the back of a surge in prices and demand recovery. Heavyweights like Tata Steel and Hindalco have been the main beneficiaries.
The Indices were lower on Friday after the RBI kept the monetary policy rate unchanged at 4% and continued with the ‘accommodative’ policy stance.
APL Apollo Tubes advanced 2.97% at Rs1,759.05 per piece. The company is set to announce quarterly earnings on Friday. Welspun Corp Limited ws 1.8% higher at Rs135.75 per piece.
Hindalco Industries strecthed the winning streak by advancing 0.7% at Rs446.20 per piece, ahead of annoucing its quarterly earnings. Hindalco Industries, US-based subsidiary, Novelis Inc, has reported net income attributable to its common shareholder of $240 million in the first quarter of the fiscal year 2022 compared to a net loss of $79 million in the prior-year period.
Ratnamani and Vedanta were also trading higher. Coal India, JSW Steel and NMDC were flat.
State-owned MOIL shed 1.5% at Rs182.45 per piece to emerge the biggest loser in the sector. National Aluminium and Jindal Steel also traded around 0.4% lower. Tata Steel, Hindustan Zinc and SAIL were around 0.3% lower.