Metal stocks aid domestic markets to end positive; Tata Steel showstopper - Know reasons here
The Metal Index on Wednesday aided the domestic markets to end positive, as scrips such as Tata Steel, JSW Steel, and Hindalco became the top Nifty gainers at the close. The Nifty Metal index grew by 2.2 per cent as compared to a 0.4 per cent rise in the Nifty50 at the close.
The Metal Index on Wednesday aided the domestic markets to end positive, as scrips such as Tata Steel, JSW Steel, and Hindalco became the top Nifty gainers at the close. The Nifty Metal index grew by 2.2 per cent as compared to a 0.4 per cent rise in the Nifty50 at the close.
Of 15 scrips on the Index, 11 advanced while 4 declined marginally at the close today. National Aluminium surged most on the Nifty Metal index, followed by Tata Steel up around 5 per cent and Steel Authority of India (SAIL) above four per cent on the index at the close.
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JSW Steel, Jindal Steel and Power (JSPL), and Hindalco traded between 2-3 per cent on the Nifty Metal Index today, while Vedanta and Adani Enterprises grew between 1-0.5 per cent at the close today.
APL Apollo Tubes, MOIL, and Coal India trade flat but ended positive at the close today. While counters such as Ratnamani Metals & Tubes, NMDC, Hind Zinc and Welspun Corp declined. A state-owned NMDC is under the offer for sale process with the second day today for subscriptions.
The metal stocks surged most today on the expectations of higher export orders and lower raw material prices are likely to help the players’ profitability margins in the financial year 2021-2022.
Tata Steel on Tuesday in a filing to exchanges said that the global steel industry witnessing structural changes and due to which steel prices to stabilize at higher levels than in the last decade.
The company further said, Indian steel demand continues to be buoyant and is expected to grow around 20 per cent in 2021, amid economic recovery, government spending, and improved liquidity.
Riding on the back of various stimulus packages, a sharp rebound in global demand had significantly widened the demand-supply gap, resulting in an upsurge in steel prices. CARE Ratings said in a steel sector update. It believes the government-targeted infrastructure spend may be the key monitorable when it comes to domestic demand outlook for the steel sector.
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