Nifty Metal surges ~4% to continue bull run; Jindal Steel, Hindalco, Tata Steel and JSW Steel lead the upside

28 Feb 2022 , 12:00 PM

The Nifty Metal jumped over 3.5% to continue the bull run amid weak markets on Monday. As the index climbed over 6% on Friday and continued the upward momentum. Jindal Steel & Power remained in the driver’s seat while Hindalco, Tata Steel, and JSW Steel also surged over 4%. SAIL and NALCO were also over 3%.

Indian equity benchmarks Sensex and Nifty50 recovered initial losses to trade flat after starting the holiday-truncated week on a negative note. The markets early on tracked weakness across most other Asian markets as investors remained cautious on news flow on the Russia-Ukraine conflict. Losses in financial, auto and consumer stocks pulled the headline indices lower, though gains in metal shares lent some support.

At around 12.00 noon, BSE Sensex was trading at 55,841.60 down 16.92 points or 0.03% and Nifty50 at 16,673.40 up 15.00 points or 0.09%. Nifty Metal was trading at 5,812.80 up 194.10 points or 3.45%, touching a high of 5,823.10 and low of 5,554.45 during intraday trade on Monday.

Jindal Steel surged 5.7% at Rs422.50 per piece to lead the performance while Hindalco Industries closely followed at Rs562.20 per piece upo 5.3%. 

Hindalco- the aluminium major, has entered into a share-purchase agreement with Brazilian firm Terrabel Empreedimentos Ltda to divest its entire equity shareholding in Hindalco Do Brazil Industria Comercia de Alumina LTDA (HDB), the wholly-owned step down subsidiary.

Tata Steel also rose 4.5% at Rs1,196.65 per piece to lift the sector while JSW Steel was 4.3% higher at Rs624.50 per piece. 

SAIL and NALCO were in the fast lane as well, gaining 3.4% and 3.3% respectively. 

All the stocks in the sector traded in the green with Hindustan Zinc at the bottom with 0.2% gains.