Metals add shine to Nifty's rise to month high as Hindalco, steel stocks surge

China has unveiled a special action plan to boost domestic spending by increasing residents' income. Additionally, uncertainties around Trump tariffs continue to persist.

Debaroti Adhikary

March 18, 2025 / 14:34 IST

Metals

26 Aug, 2025 12:21

Volume

Todays L/H

Shares of metal stocks rallied on March 18, backed by strong buying interest that pushed the Nifty Metal index up by nearly 2 percent, on a day the benchmark Nifty 50 index hit a month high.

The strength in shares of commodity plays comes on the back of China’s recently unveiled special action plan to boost domestic spending by increasing residents' income. China is aiming to ‘vigorously boost consumption’ in an effort to expand domestic demand by ‘increasing income and reducing burdens’, a report from China's State Council has said.

Base metal prices have seen a significant surge, with copper near a five-month high, on optimism surrounding China's economy. Gold prices are at an all-time high, extending its run above the $3,000 mark, as global uncertainties around trade tensions have increased the appeal for the safe-haven asset.

The shares of Ratnamani Metals & Tubes were the top gainer on the index, jumping over 8 percent to trade at Rs 2,690 apiece. The stock has now made strong recovery after hitting a 52-week low of Rs 2,343 per share.

Jindal Steel & Power, Hindalco, Steel Authority of India (SAIL), NMDC, Vedanta Limited and Adani Enterprises shares followed, jumped over 2 percent each. Meanwhile, heavyweight Tata Steel saw its share price rise by over 1.5 percent to trade at Rs 154 apiece. The rise in the share prices of Hindalco and Tata Steel were the top contributors to the uptick in the Nifty Metal index.