Shares of metal companies were in focus in Monday's session as the Nifty Metal index rose 4 per cent to hit a record high of 6,246.65 in intra-day trade on Monday on rising base metal prices amid higher demand expectations. The Nifty Metal index surpassed its previous high of 6,079.55 on October 14, 2021.
At 09:57 am, Nifty Metal index, the top gainer among sectoral indices, was up 2.8 per cent, as compared to a 0.66 per cent rise in the Nifty50 index. Among individual stocks, Hindustan Zinc, National Aluminium Company, Hindustan Copper, Vedanta and Hindalco gained up to 18 per cent on the NSE in intra-day trade today.
Base metals surged, led by zinc, which spiked to the highest since 2007, after European smelters became the latest casualties in a global energy crisis that’s knocking supply offline and heaping pressure on manufacturers, Bloomberg reported.
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