Nifty Metal index up over 3%; Tata Steel hits over 4-month high

Jindal Steel & Power, Tata Steel, Steel Authority of India, JSW Steel and Jindal Stainless (Hisar) were up in the range of 3 per cent to 8 per cent in intra-day trade.

Shares of metal companies, mainly steel, were in focus on Tuesday with Nifty Metal index surging more than 3 per cent intra-day as analysts remain ‘overweight’ on Indian steel industry and see a likely consensus earnings upgrade cycle in sector major.

Among individual stocks, Jindal Steel & Power rallied 8 per cent to Rs 148 on the National Stock Exchange (NSE). Tata Steel hit an over four-year high of Rs 442, soaring 5 per cent today. The stock was trading at its highest level since July 30, 2019.  Steel Authority of India (SAIL), JSW Steel, and Jindal Stainless (Hisar)