Nifty Metal stocks continue to advance amid volatile trade; Vedanta, Nalco, JSPL, Hindalco among top gainers

21 Mar 2022 , 12:00 PM

Nifty Metal stocks were in the limelight amid volatile trade on Monday. The Index remained higher for the third straight trading day. Vedanta, National Aluminium Company (Nalco) led the gains amid raging Aluminium prices due to Russia-Ukraine war. APL Apollo Tubes, Jindal Steel and Power and Hindalco were also among the top gainers.

Sensex and Nifty50 were involved in a choppy trade on Monday morning. Metal and Pharma Index led the gains while IT stocks rallied on Accenture earnings to offset losses by Bank stocks.

At around 12 noon, BSE Sensex was trading at 57,670.72 down 193.21 points or 0.33% and Nifty50 at 17,235.50 down 51.55 points or 0.3%. Nifty Metal was trading at 6,321.10 up 137.30 points or 2.22%, touching a high of 6,332.75 and low of 6,233.35 during intraday trade on Monday.

London aluminium prices jumped as much as 4.8% on Monday, as fears of supply disruption resurfaced after Australia banned exports of alumina and aluminium ores to Russia amid mounting sanctions on Moscow for its invasion of Ukraine.

The move will limit Russia’s capacity to produce aluminium, which is a critical export for Russia, the Australian government said. Russia accounts for about 6% of the global supply of aluminium, 10% of nickel and is also a major producer of natural gas used to generate electricity that powers production of metals.

Vedanta surged over 1% at Rs397.90 per piece to lead the sectorial gains. Nalco was ~4% higher at Rs121.25 per piece. APL Apollo Tunbes advanced 3.5% at Rs944.00 per piece. 

Jindal Steel & Power was 3.2% higher at Rs492.00 per piece after the company prepays 357 Million USD loan in its Mauritius entity; aims to Net debt-free by FY23. 

Hindalco was also over 3% higher at Rs594.30 per piece. Adani Enterprises was marginally in the red zone as the sector had 14 advances and 1 decline.