Nifty Metal sees rapid movement after Union Budget announcement; Tata Steel, Ratnamani outperform

1 Feb 2022 , 01:05 PM

Nifty Metal saw a sudden movement after Finance Minister Nirmala Sitharaman announced the Union Budget 2022-23 in the Lok Sabha on Tuesday. The Index cheered the Budget to surge over 2% before trimming gains. 

 
Tata Steel and Ratnamani Metals & Tubes. surged 4%. Jindal Steel, Vedanta, and Hindalco were among the top gainers
 
India’s crude steel production increased 25% yoy to 66.91 million tonne during April-October period of 2021-22, according to the Economic Survey.
 
Sensex trims gains, still in green, Nifty gives up 17500 post Union Budget 2022. At around 1.10 pm, BSE Sensex was trading at 58,358.38 up 344.21 points or 0.59% and Nifty50 at 17,431.75 up 91.90 points or 0.53%. Nifty Metal was trading at 5,569.85 up 96.40 points or 1.76%, touching a high of 5,627.95 and low of 5,479.10 during intraday trade on Tuesday. 

Ratnamani was 3.75% higher at Rs1,974.85 per piece. Tata Steel gained 3.6% at Rs1,124.75 per piece. Tata Steel on Monday announced winning the bid for acquiring 93.71% stake in Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs12,100cr.

Vedanta surged 2.6% while Hindalco was also up nearly 2% to lift the performance of the sector. Welspun Copper was under pressure.