Metal stocks propelled benchmarks Sensex and Nifty to fresh record high gains on Tuesday. All metal stocks listed on Nifty Metal index was trading on a bullish note. The index has also touched a new all-time high of 3,615.25.
At around 11.20 am, Nifty Metal index was trading at 3,583 up 113.05 points or 3.26%.
JSPL was the top gainer surging by 6.5% followed by SAIL, Hindalco and
Tata Steel advancing around 4% each.
Stocks like Ratnamani, NALCO,
NMDC and JSW Steel surged between 2.3-3.5%. While Hindustan Copper clocked nearly 2% upside.
Other stocks like Welspun Corp,
Coal India, APL Apollo and MOIL climbed by over 1% each. While Midhani saw about 0.5% surge.
Earlier this week, the Ministry of Road Transport and Highways has issued orders that all steel – whether produced from ore, billets, pellets or melting of scrap - would be allowed to be used for National Highway construction, as long as it meets the standards required for specific grades of steel.
The ministry highlighted that steel proposed to be used would be tested in NABL-accredited laboratories as a third party check before approval.