Nifty Metal surges 1% amid volatile markets; Coal India, Hindalco top performers

Nalco also gains over 3% while SAIL drags the most.

Sep 13, 2021 02:09 IST India Infoline News Service

The Nifty Metal surged 1% to hold the markets on Monday along with bullish IT stocks. Mining stocks Coal India and National Aluminium led the gains while Hindalco stock also outperformed. Steel Authority of India Limited (SAIL) dragged the most.

Sensex recovers most of day’s losses, Nifty50 flat. At around 2.00 pm, BSE Sensex was trading at 58,235.67 down 69.4 points or 0.12% and Nifty50 at 17,362.35 down 6.90 points or 0.04%. Nifty Metal was trading at 5,816.30 up 51.15 points or 0.89% touching a high of 5,830.65 and low of 5,769.10 during intraday trade on Monday.

Coal India rose over 4% at Rs154.70 per piece on reports that the company might raise prices of the dry fuel by at least 10-11% to mitigate the impact of increased costs and an impending wage revision.

Heavyweight Hindalco also surged 3.3% Rs478.80 per piece to push up the sector. 

Nalco rose 3% at Rs100.90 per piece. The company is making efforts to operationalize the Utkal D coal mine in Odisha in FY23.

Vedanta (up 1.82%) and Ratnamani (up 1.14%) were also bullish. Jindal Steel, JSW Steel and Hindustan Zinc was also higher. Tata Steel was trading flat. 

SAIL shed 1.9% at Rs119.90 per piece to drag the most. Welspun Corp Limited and APL Apollo was also were over 1.5% lower. Adani Enterprises was also 1.1% on the downside. NMDC and MOIL were also 0.7% lower.

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