Nifty Metal stocks surge 1%; Hindalco, APL Apollo, Hindustan Zinc in fast lane

Welspun Corp and Coal India emerged as the top laggards in the sector so far on Thursday.

Jul 15, 2021 02:07 IST India Infoline News Service

The Nifty Metal stocks continued to rise for the third straight session, tracking broad-based bullish markets on Thursday. The Index found some momentum in the afternoon trade to rise 1%..

Heavyweight Hindalco led the gains while APL Apollo Tubes followed closely to lift performance. SAIL, Hindustan Zinc, and Tata Steel also advanced to lift the performance of the sector in the afternoon.

Welspun Corp emerged as the top laggard  after leading the gains on Wednesday while Coal India was also under pressure..

Domestic equity market indices BSE Sensex and Nifty 50 were trading at their record high levels on Thursday, a day of weekly F&O expiry. BSE Sensex hit 53253. while the broader Nifty 50 index touched 15,946.

At around 2.10 PM, BSE Sensex was trading at 53,231.86 up 327.81 points or 0.62% and Nifty50 at.15,942.15 up 88.20 points or 0.56%.

The Nifty Metal was trading near day's high of 5,341.65 up 41.70 points or 0.79%. Hindalco surged 2.3% at Rs400.75 per piece while APL Apollo Tubes rallied 2.2% to Rs1,480.00 per piece to emerge among top gainers after being among the top losers in previous sessions. 

SAIL advanced 1.6%, Hindustan Zinc up 1.1% and Tata Steel rose 1% to give the index a lift in the afternoon. Jindal Steel, Adani Enterprises, NMDC and JSW Steel also traded higher. Ratnamani was trading flat. 

It was reversal in fortunes for Welspun Corp on Thursday, dropping to bottom from top (Wednesday)  It shed 1.12% at Rs155.15 per piece. Coal India was also 1.11% down at Rs146.50 per piece. National Aluminium Company (down 0.71%), MOIL (down 0.4% and Vedanta (down 0.24%) also traded in the red. 

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