Metal stocks were in the fast lane on Monday amid base metal prices globally witnessing an upside as investors found comfort that world economic recovery was well on track which bolstered risk appetite. The Nifty Metal index has outperformed benchmark Nifty 50 as corporate earnings season offsets Covid-19 concern.
At around 2.18 pm, Nifty Metal was trading at 4,551.85 up by 105 points or 2.36%. The index has touched an intraday high of 4,582.15.
SAIL was the top gainer soaring by 8.2% followed by Vedanta and JSW Steel surging by nearly 5% and 3.5% respectively. NMDC strengthened by over 3%.
NALCO and Tata Steel climbed by 2.7% and 2.2% respectively. Adani Enterprises gained by nearly 2%.
JSPL and Welspun Corp surged by 1.4% each, while Hindustan Zinc and MOIL advanced by 1.2% and 1% respectively.
Coal India jumped by 0.9%, whereas Hindalco traded on a flat note.
However, Ratnamani and APL Apollo were top underperformers tumbling marginally.
Hindustan Zinc is set to announce its March 2021 quarterly result on April 27, 2021.
In the last 24 hours, India recorded 28,13,658 new cases, taking the total tally to 1,73,13,163. Meanwhile, the total death toll stands at 1,95,123.