Nifty Metal recovers from previous selloff, index tops 1.5% on broad-based buying; Welspun Corp, NALCO, Tata Steel lead the bulls

25 Jan 2022 , 11:15 AM

The Nifty Metal has recovered from their previous day’s losses and was among the top bulls on Tuesday driven by broad-based buying despite bearish markets tone on Tuesday. The index is in focus ahead of F&O expiry, Union Budget 2022 and quarterly earnings season.

The Nifty Metal has climbed over 1.5% so far today, while hovering between an intraday high and low of 5,509.20 and 5,351.90 respectively.

At around 10:40 AM, Nifty Metal is trading at 5,504.05 higher by 83.60 points or 1.54%.

Welspun Corp was the top gainer soaring nearly 4% followed by NALCO and SAIL climbing by 2.8% and 2.1% respectively. JSW Steel also jumped a little over 2%, while Tata Steel and NMDC zoomed 1.7% each. Welspun Corp stocks in focus as Welspun Corp Saudi JV commenced subscription process in EPIC IPO from Monday.

Vedanta and JSPL advanced by 1.6% each, while Adani Enterprises surged over 1.4%. Hindustan Copper and Coal India also soared 1.2% each. Hindalco gained 1% followed by Hindustan Zinc and Ratnamani Metals traded marginally up.

On the contrary, APL Apollo Tubes was the only underperformer tumbling over 3% ahead of Q3 financial earnings.

Further, the copper price fell on Monday under pressure from risk-off sentiment in global markets. Also, Asian shares slipped as investors braced for a Federal Reserve meeting which is due today.