Nifty Metal stocks continue winning streak; Coal India, Vedanta, Hindustan Zinc outperform

APL Apollo Tubes, Hindustan Copper, Hindalco, and National Aluminium stocks were under pressure.

Oct 05, 2021 01:10 IST India Infoline News Service

The Nifty metal stocks edged higher amid volatile trade on Tuesday. Coal India Limited led the gains while Vedanta and Hindustan Zinc also outperformed. APL Apollo Tubes, Hindustan Copper, Hindalco and National Aluminium stocks were under pressure. The sector continued gaining spree ahead of Q2 earnings and festive season.

Sensex and Nifty50 suffered minor losses in early trade on Tuesday after a mixed opening tracking weakness across global markets. However, the markets picked trade in the afternoon to go higher.

At around 1.00 pm, BSE Sensex was trading at 59,508.30 up 208.98 points or 0.35% and Nifty50 at 17,768.00 up 76.75 points or 0.43%. Nifty Metal was trading at 5,830.00 up 22.65 points or 0.39%, touching a high of 5,861.70 and low of 5,773.55 during intraday trade on Tuesday.
 
Coal India gained nearly 3% at Rs195.45 per piece. The company’s coal offtake stood at 48.3 MT in September 2021, up by 3.6% compared with 46.7 MT recorded in the same month last year. On a sequential basis, the production declined 4.4% while offtake rose 0.62% in September 2021 as compared to August 2021.

Vedanta marched 2.2% higher at Rs304.80 per piece on Tuesday. The company said its total aluminium production grew 21% to 5,70,000 tonnes in Q2 FY22 compared with 4,73,000 tonnes in Q2 FY21.

Hindustabn Zinc rose 1.5% higher at Rs314.50 per piece. During Q2FY22, the company's mined metal production was at 248,000 tonnes, up 4% as compared to Q2 FY21 on account of higher ore production at Rampura Agucha, Sindesar Khurd & Zawar mines supported by improvement in recovery, which has been partly offset by Lower Mining Grades.

Jindal Steel & Power also rose over 1% to outperform. Welspun Corp was also nearly 1% higher. JSW Steel and SAIL also traded in the green. 

Ratnamani, NMDC and Tata Steel traded flat. APL Apollo Tubes shed 2.23% at Rs852.00 per piece to drag the most. Hindustan Copper was also 1.3% lower at Rs119.70 per piece. Hindalco shed 1.2% at Rs499.60 per piece to underperform. National Aluminium was also 0.8% lower.

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