Nifty Metal index surges 3% in subdued market; Hindalco hits record high

Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies

Shares of metal companies rallied up to 6 per cent on the National Stock Exchange (NSE) in Monday's trade, in an otherwise subdued market, with the Nifty Metal index surging over 3 per cent as sanctions against Russia raised possibility of supply disruptions. This, in effect, will push up prices.

At 11:51 am, Nifty Metal index was the top gainer among sectoral indices and was up 3.5 per cent as compared to 0.11 per cent decline in the Nifty 50 index. Jindal Steel and Power, Tata Steel, Hindalco Industries and JSW Steel gained between 4 per cent and 5