Nifty Metal index outperforms to go with bullish markets; JSPL surges 5%

10 Feb 2022 , 01:10 PM

The Nifty Metal index rose over 1% tracking bullish markets on Thursday. Jindal Steel & Power surged 5% to lead the sectorial gains. Hindustan Copper, NMDC, National Aluminium were also over 2%. Heavyweights Tata Steel and JSW Steel boosted the Index with substantial gains. Hindalco industries (up 0.8%) were also higher ahead of a quarterly earnings announcement. APL Apollo Tubes was the only stock under pressure.

Aluminium stocks continued to surge as metal prices climbs to 13-year high on Wednesday.

Indian indices witnessed a positive start on Thursday. The Sensex jumped over 300 points at open, while Nifty gained close to 100 points. Investors, on Thursday, reacted positively to the Reserve Bank of India’s decision to keep the key rates unchanged. Today is also the day of the weekly F&O expiry and investors also watch quarterly earnings. 

Markets also tracked broadly positive global cues as key focus shifts on US inflation data which is expected to give more clarity on monetary policy tightening.

At around 1.10 PM, BSE Sensex was trading at 58,958.59 up 492.62 points or 0.84% and Nifty50 at 17,609.75 up 145.95 points or 0.84%. Nifty Metal trading at 6,066.10 up 81.10 points or 1.36%, touching a high of 6,071.00 and low of 6,000.95 during intraday trade on Thursday.

Jindal Steel and Power Ltd. was 5% higher at Rs437.25 per piece. The company reported its monthly sales numbers and has reflected on a meaningful recovery in Steel Sales in January 2022 despite low Railway rake availability. JSPL reported a 20% yoy increase in sales volume at 6.95 lakh tonnes during January 2022 as compared to 5.81 lakh tonnes in January 2021.

Hindustan Copper rose 3.1% at Rs143.70 per piece ahead of the board meeting on Saturday.

NMDC rose over 2.8% at Rs160.10 per piece. The company’s Q3 net profit dipped to Rs2,048cr; board declared interim dividend.

National Aluminium also rose 2.8% at Rs128.20 per piece amid tight supply, strong demand and escalating tensions in Ukraine have pushed the price of aluminium to its highest level since the global financial crisis, further fuelling inflationary pressures.

Tata Steel also advanced 1.85% at Rs1,245.00 per piece as the company said that its arm has accepted a letter of award (LoA) for the acquisition of a 93.71% stake in Neelachal Ispat Nigam and added that the process for the buyout is likely to be completed in the next couple of months.

JSW Steel also gained 1.64% to boost the sector. Welspun Corp was also 1.25% higher. However, APL Apollo Tubes sank nearly 1.5% at Rs881.00 per piece on Thursday to drag the sector.