D-Street Buzz: Nifty Metal hits new high - Tata Steel, NALCO jump 5% each; JSPL, Hindalco hit 52-week high
Nifty Metal is up over 3 percent led by Tata Steel and NALCO which jumped over 5 percent each. These were followed by APL Apollo, Jindal Steel & Power, JSW Steel, Hindalco Industries and Hindustan Zinc which gained 3-4 percent each.
March 03, 2021 / 03:31 PM IST
The Indian stock market is trading near the day's high led by a rally in metal names. Sensex is up 893.69 points or 1.78 percent at 51190.58, and the Nifty surging 255.40 points or 1.71 percent at 15174.50.
Nifty Metal is the outperforming sector, up over 3 percent led by Tata Steel and NALCO which jumped over 5 percent each. These were followed by APL Apollo, Jindal Steel & Power, JSW Steel, Hindalco Industries and Hindustan Zinc which were up 3-4 percent each.
Metal stocks are in focus amid monthly production data. The Nifty Metal index hit a new high of 4,056.95.
Metal stocks continue to remain in focus as the dollar slipped. On a year-to-date basis, the S&P BSE Metal index is up over 25 percent.
CapitalVia Global Research Ltd is of the view that many countries are heading towards privatization and infrastructural development to revive from the push of pandemic effects, this will increase the demand of base metals in general.
“The demand will increase for commercial as well as residential purposes, this is however a long-term prediction for the demand of industrial metals,” the report added.
NMDC's iron ore sales climbed 11.68 percent to 3.25 million tonnes (MT) from 2.91 MT in February 2020 as against February 2021. Iron ore production jumped 19.14 percent to 3.86 million tonnes (MT) in February 2021 from 3.24 MT in February 2020.
Coal India recorded production of 61.9 MT for February 2021, down by 6.6 percent from 66.2 MT of the same month last year. Meanwhile, the company's offtake stood at 51.2 MT in the latest month, declining by 6.2 percent against 54.6 MT of February 2020.
Among the metal names, Tata Steel, NALCO, Jindal Steel & Power, Hindalco, Vedanta and NMDC hit a new 52-week high on NSE.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.