Nifty Metal holds steady amid positive global cues; Hindustan Copper, Coal India lead the gains; SAIL, Ratnamani only laggards

20 Jan 2022 , 10:50 AM

Buying sentiments were seen in the metal sector during Thursday’s trading session despite bearish markets tone. Nifty Metal was floating steadily with the majority of stocks witnessing upside. Metal index was among the top gainers while other major sectoral indices witnessed profit bookings. Metals log buying sentiments with 13 scrips advanced while only 2 scrips declined. The sector traded bullish after globally coal price hits fresh record as China’s ban on Australian coal would persist through this year.

Besides, sentiments in the metals market was supported by expectations of further policy easing in top metals consumer China offsetting pressure from a firmer U.S. dollar and an uptick in inventories, according to reports.

At around 10:50 AM, Nifty Metal is trading at 5,839.65 higher by 38.55 points or 0.66%. Today, the index traded higher and hovered between an intraday high and low of 5,852.40 and 5,805.80 respectively due to a broad-based selloff in heavyweight stocks.

Hindustan Copper hit the charts by surging over 3% while Welspun Corp soared 2% followed by Coal India and NMDC advancing above 1.5%.

On the index, majority stocks were on the upside but in a muted level. Stocks like JSW Steel (+0.76%), Vedanta (+0.72%), Jindal Steel (+0.65%) and Tata Steel (+0.60%) were marginally higher to support the index from declining.

Rest other stocks like Adani Enterprises, Hindalco, Hindustan Zinc and APL Apollo were trading between 0.1-0.5%.

On the contrary, Ratnamani Metals and SAIL witnessed massive profit booking where SAIL emerged as top bear, tumbling over 0.5% at Rs104.10 per piece and heavyweight Ratnamani Metals traded on a muted level but in the red due to mixed global cues.