The Nifty Metal index jumped 5.71% to 4,572.35, extending its winning run to ninth consecutive trading session.
JSW Steel (up 9.99%), Jindal Steel & Power (up 9.95%), Tata Steel (up 8.73%), Steel Authority of India (up 8.52%), Hindalco Industries (up 5.99%), NMDC (up 4.16%), National Aluminium Company (up 4.06%), Vedanta (up 2.41%), Coal India (up 1.6%) and Hindustan Zinc (up 0.59%) were top gainers in metal space.The Nifty Metal index has rallied 23% in nine trading days from its previous closing low of 3717.55 posted on 24 March 2021. The index hit a 52-week high of 4,572.60 in intraday today. The index has soared 182% from its 52-week low of 1559 hit on 7 April 2020
Metal stocks saw heavy buying amid rise in industrial metal prices, better production and improved earnings outlook for the March quarter. Meanwhile, multiple brokerage houses have retained a positive outlook on the sector amid improving commodity cycle.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU