Nifty Metal index jumps 23% in nine sessions

The Nifty Metal index jumped 5.71% to 4,572.35, extending its winning run to ninth consecutive trading session.

JSW Steel (up 9.99%), Jindal Steel & Power (up 9.95%), Tata Steel (up 8.73%), Steel Authority of India (up 8.52%), Hindalco Industries (up 5.99%), NMDC (up 4.16%), National Aluminium Company (up 4.06%), Vedanta (up 2.41%), Coal India (up 1.6%) and Hindustan Zinc (up 0.59%) were top gainers in metal space.

The Nifty Metal index has rallied 23% in nine trading days from its previous closing low of 3717.55 posted on 24 March 2021. The index hit a 52-week high of 4,572.60 in intraday today. The index has soared 182% from its 52-week low of 1559 hit on 7 April 2020

 

Metal stocks saw heavy buying amid rise in industrial metal prices, better production and improved earnings outlook for the March quarter. Meanwhile, multiple brokerage houses have retained a positive outlook on the sector amid improving commodity cycle.

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