The Indian stock market is trading flat amid a volatile trade with Sensex up 40.42 points or 0.08 percent at 47909.40, and the Nifty adding 32.10 points or 0.23 percent at 14050.60.
Among the sectors, the metal index jumped over 3 percent led by Jindal Steel & Power and Tata Steel which jumped over 4 percent each followed by Vedanta, NALCO and Hindalco Industries.
Research firm Jefferies is of the view that 2021 is likely to be the year of a synchronised pick-up in most other major economies adding that benign monetary policies and potential stimulus measures, provide strong backdrop, according to a CNBC-TV18 report.
"Indian metal stocks should deliver strong earnings rebound in FY22. Our FY22-23 EPS for Tata Steel, JSW Steel and Hindalco Industries are 14-26 percent above street," it said.
Jefferies has a buy rating on Tata Steel with target at Rs 850 per share, JSW Steel at Rs 450 and Hindalco Industries at Rs 310 per share. It has a hold rating on Coal India with target at Rs 130 per share.
Private steel maker Jindal Steel and Power posted a record 30 percent jump in its standalone production and 25 percent growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, up from 5.59 LT during the same month in 2019, JSPL said in a statement.
Among the metal names, the most active stocks in terms of volumes included SAIL where 6,01,61,384 shares were traded.
On the other hand, Tata Steel, SAIL and JSW Steel hit new 52-week high on NSE.
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.