D-Street Buzz: Metal stocks shine, Coal India jumps 5%; Vedanta, JSPL, Tata Steel rise 2-3% each

The Indian stock market is rangebound amid border tension with China and with rise in coronavirus cases. Sensex is up 83.59 points or 0.25% at 33591.51, and the Nifty up 35.90 points or 0.36% at 9917.05.

Among the sectors, the metal index added 2 percent at 12:00 hours led by gains from Coal India, Hindustan Copper and Vedanta which jumped 3-5 percent each followed by Tata Steel, SAIL and NALCO. Hindalco Industries and Jindal Steel & Power added a percent each.

Coal India share price was the top gainer Nifty gainer jumping over 5 percent after Prime Minister Narendra Modi in his speech said that India will be less reliant on imports. "Commercial coal mining will make India self-reliant in the energy sector with the energy and coal mining sector to generate jobs."

Auction for commercial coal mining is a win-win situation for all stakeholders with commercial coal mining to make India self-reliant in the energy sector.

Coal India shares witnessed spurt in volume by more than 2.04 times and was was trading with volumes of 1,437,940 shares, compared to its five day average of 965,726 shares, an increase of 48.90 percent.

S&P BSE metal also added over 2 percent led by Coal India, Vedanta, Hindustan Zinc, NALCO, Tata Steel, SAIL, Hindalco Industries and Jindal Steel & Power.

Emkay Global has upgraded Hindalco Industries to buy, with a target of Rs 187 with the stock trading at 4.7x FY22 EV/EBITDA despite a 10/6 percent EBITDA cut for FY21/22E.

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