Nifty Metal rallies 2.25% to drive ahead of market bull; Vedanta, NALCO steer performance

16 Mar 2022 , 01:00 PM

Nifty Metal rallied 2.25% to drive ahead of the market bull on Wednesday. Vedanta Limited and National Aluminium Company Limited led the gains amid raging aluminium prices due to Russia-Ukraine war. At the same time, Adani Enterprises, Jindal Steel, Tata Steel and NMDC also rose over 2%.

Domestic indices witnessed a positive start on Wednesday. The sentiments turned positive after peace talks between Russia and Ukraine. This led to fall in crude oil prices, easing inflation fears. The investors will now turn their attention to the outcome of the US Federal Reserve’s 2-day meet on rate policy.

At around 1.00 pm, BSE Sensex was trading at 56,603.17 up 826.32 points or 1.48% and Nifty50 at 16,906.50 up 243.50 points or 1.46%. Nifty Metal was trading at 6,042.90 up 132.80 points or 2.25%, touching a high of 6,058.45 and low of 5,960.95 during intraday trade on Wednesday.

Vedanta soared over 3.8% at Rs371.40 per piece to lead the gains while NALCO was over 3.3% higher at Rs117.45 per piece. Adani Enterprises also rose over 3.2% to outperform. Jindal Steel (up 2.4%), Hindustan Zinc (up 2.2%), Tata Steel (up 2%) also were bullish. Hindalco, NMDC and JSW Steel were also nearly 2% higher respectively. 

Welspun Corp was the only decline among the total 15 metal stocks on the NSE as 14 stocks advanced.