Metal stocks rallied for the second consecutive day on Friday. The index rebounded after a negative start on the New Year's by advancing in the afternoon amid overall benchmark bullish sentiment.
At around 2.10 pm, Nifty Metal Index was trading at 3,268.90 up 14.25 points or 0.44%, after touching an intraday high of 3,270.45 and low of 3,242.10.
Investors were cheerful with reports that India is likely to start the new year with a Covid-19 vaccine.
National Aluminium Company led the gains for the second straight day and was supported by
MOIL Limited to drive the sector. National Aluminium was trading at Rs44.50 per piece
up Rs1.40
or 3.25% while MOIL was trading Rs3.55
or 2.48% higher at Rs146.60.
MOIL revised prices of different grades of Manganese Ore and other products with effect from January 01, 2021.
Jindal Steel & Power Limited (up 2.20%), Hindustan Copper (up 1.96%), NMDC (up 1.66%) and SAIL (up 1.62%) were also upbeat at the start of the new year carrying forward the last year gains.
JSPL announced that subsidiary Jindal Power emerges as the successful bidder for Gare Palma IV/1 Mine by the Ministry of Coal.
JSW Steel, Tata Steel and Ratnamani Metals & Tubes were also trading in the green.
Ratnamani announced the resignation of Jigar Shah from the post of company secretary, legal head and compliance officer of the company with effect from 31 December 2020.
Coal India and Hindustan Zinc were trading flat.
BSE Sensex was trading at 47,944.91 up 193.58 points or 0.41% and Nifty 50 was trading at 14,038.50 up 56.75 points or 0.41%.