Nifty Metal zoom 2% mirroring upbeat markets; Hindustan Copper, Hindustan Zinc, Adani Enterprises, Vedanta surge 4-6%

Adani Enterprises, Jindal Steel, and Vedanta also lifted the performance. Coal India remained under pressure.

Oct 14, 2021 02:10 IST India Infoline News Service

Bull-stock
Nifty Metal Index continued the bull run mirroring the upbeat markets on Thursday. Hindustan Copper and Hindustan Zinc surged over 5% each while Adani Enterprises, Jindal Steel, and Vedanta also lifted the performance. Metal stocks are in focus amid rising base metal prices. 

The global energy crisis that has led to power shortages and factory slowdowns did not stop copper prices from rallying to their highest levels since the beginning of August.

Coal India remained under pressure amid the coal crisis.

Indian benchmark indices regained momentum after brief lull Early on, Indices hit fresh record high levels on Thursday, a day of weekly F&O expiry. Nifty crossed 18300 for first time, Sensex topped 61000.

At around 2.12 pm, BSE Sensex was trading at 61,210.75 up 473.7 points or 0.78% and Nifty50 at 18,313.25 up 151.50 points or 0.83%.

Nifty FMCG was trading at 6,028.55 up 113.90 points or 1.93%, after touching a high of 6,079.55 and low of 5,954.95 during intraday trade. 

Hindustan Copper led the gains by surging 6.2% at Rs133.80 per piece. Hindustan Zinc was nearly 5% higher at Rs349.15 per piece. Adani Enterprises rose 4.6% at Rs1,642.00 per piece. Vedanta continued its winning streak to rise 4% at Rs332.20 per piece. Jindal Steel & Power also advanced 3.2% at Rs446.50 per piece.

SAIL and JSW Steel were over 2% higher while Hindalco and Tata Steel also outperformed to gain nearly 2% higher. NMDC and National Aluminium also traded over 1% higher. Ratnamani and APL Apollo Tubes also traded in the green.

Coal India emerged the biggest laggard again amid raging coal crisis. The stock shed 3.8% at Rs182.85 per piece. Welspun Corp was also trading in the red.

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