Nifty Metal zooms 6% to lead market bulls; JSPL skyrockets 9%; Hindalco, Vedanta, Tata Steel add to gains

25 Feb 2022 , 11:55 AM

Nifty Metal Index recovered from previous day’s losses and marched with market bulls on Friday. The Index took the lead in gains by surging 6%. Jindal Steel and Power skyrocketed 9% while NALCO and SAIL advanced over 8%. Hindustan Copper and Vedanta jumped over 7% while Tata Steel, JSW Steel, and Hindalco also rose more than 5% to further push the Index gains. Broadly, the stocks witnessed a stellar buying sentiment. 

Domestic equity benchmarks Sensex and Nifty 50 extended their early gains and were trading around 3% higher tracking positive tone of Asian cues after Wall Street made biggest surge in months as investors continue to guage at the crisis between Russia and Ukraine. 

At 11:52 am, the S&P BSE Sensex was trading at 55,975.17 up 1445.26 points or 2.65% while the Nifty 50 climbed 451.70 points or 2.78% at 16,699.65.

 Nifty Metal was trading at 5,620.25 up 306.60 points or 5.77%, after touching a high of 5,647.40 and low of 5,421.40 during intraday trade.

The turnaround came amid Russia-Ukraine conflict as the fresh US sanctions on Russia neither included removing Russia off from SWIFT messaging system nor had any measure that put restrictions on Russian energy exports.

Besides, US President Joe Biden said Washington was working with allies on a release of oil from strategic reserves after crude prices shot up. That helped soothe stock investor nerves a bit, even as Brent crude rose another 2% to top $101 a barrel mark. Metal prices also went record high. 

Jindal Steel lead the charge at Rs402.50 per piece, up 8.84%. NALCO surged 7.72% at Rs120.70 per piece to outperform. SAIL was also 7.65% higher at Rs91.50 per piece. Hindustan Copper also rose 7.5% at Rs113.55 per piece. Vedanta jumped 7.35% at Rs362.90 per piece. Tata Steel advanced 6.12% at Rs1,139.70 per piece while Hindalco was also 5% higher. All the stocks in the sector traded in the green with Ratnamani Metals and Tubes at the bottom with 1.75% gains.