Nifty Metal JSPL

Metal stock rally: The Nifty Metal index rose as much as 1.67 per cent to hit an intraday high of 9,185.20.

Nomura has set a target price of Rs 1,220 and Rs 1,080 for JSW Steel and JSPL, respectively.

At 11:52 AM, 12 of the 15 stocks in the Nifty Metal Index were trading in the green, while three remained in the red

The Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise in the Nifty 50, at 9:53 AM.

The surge in the metal index, analysts believe, is largely credited to Vedanta's robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25

Fall comes on the back of the govt's decision to impose export duty on steel in a bid to cool off domestic prices

In the past one week, Nifty Metal index has outpaced the market by surging 8 per cent, as against 0.28 per cent gain in the Nifty50 index

Nickel prices at LME rose to a nine-month high on demand from China.

A prolonged Covid-19 outbreak would reduce demand for the metals while disruptions in the supply chains would impact the availability of the metals in the physical markets," ICRA said.

Nifty Metal index has fallen 5% in the past three trading sessions, at its lowest level since June 30, 2017.

Nifty Metal index was down 2.5% at 3,042, its lowest level since July 10, 2017, falling 6% in past two trading days.

Nifty Metal index, the largest gainer among sectoral indices, was up 1.4% at 3,998 points, rallied 13% from its recent low of 3,531 on December 6, 2017.