Nifty Metal stocks defy bear markets to continue winning streak; Hindalco emerges top gainer

7 Mar 2022 , 11:40 AM

Metal stocks continued the winning streak despite weak markets on Monday. The Index gained over 1% with Hindalco Industries leading the charge again amid raging aluminium prices. Hindustan Copper and Vedanta were also in the fast lane.

Metals are breaking new records with copper spiking to an all-time high as soaring energy prices and fears of supply shocks rattled commodities markets amid war in Ukraine. Aluminium prices are also hitting record highs. Prices are rising due to supply disruptions from Russia following economic sanctions from Western powers will choke supplies. Russia and Ukraine are some of the largest suppliers of non-ferrous metals globally.

Markets tumbled and the rupee hit record lows on Monday, as a spike in oil prices on fears of a ban on Russian oil imports stoked worries about higher inflation and bigger current account deficit for the world’s third-largest importer of crude. Sensex plunges over 1,200 points tracking Asian peers; Nifty below 16,000.

At around 12.08 pm, BSE Sensex was trading at 53,121.30 down 1212.51 points or 2.23% and Nifty50 at 15,917.15 down 328.20 points or 2.02%. Nifty Metal was trading at 6,044.10 up 33.95 points or 0.56%, hitting a high of 6,108.30 and low of ,988.45 during intraday trade on Monday.

Among the components of the NSE Metal index, Hindalco Industries Ltd was trading up 3.7% at Rs605.30 per piece. Hindustan Copper (up 2.23%), Vedanta (up 1.74%), NALCO (up 1.1%) and Coal India Ltd (up 1%),V and NMDC Ltd (up ~1%) were among the top gainers.

On the other hand, Welspun Corp (down 2.9%), Adani Enterprises (down 2.3%), APL Apollo Tubes Ltd (down 2.25%, Ratnamani (down 1.45%) and Steel Authority of India Ltd (down 1.4%) turned lower.