In the mid-morning trades on Thursday, metal stocks saw a sudden spike in the share prices with shares of Hindustan Copper rocketing more than 13% and Tata Steel and Vedanta surging up to 6%.
In the mid-morning trades on Thursday, metal stocks saw a sudden spike in the share prices with shares of Hindustan Copper rocketing more than 13% and Tata Steel and Vedanta surging up to 6%. Following a steep rise in the share price of underlying components, the benchmark Nifty Metal index advanced over 4% witnessing the highest level since 6 March 2018. Shares of metal stocks rallied heavily on Thursday after aluminium prices soared about 5% to the 7 year high levels.
LME aluminium prices rose as much as 5% to $2,664.5 per tonne on Thursday, its peak since August 2011. US sanctions on Rusal, alumina output curtailment at Alunorte refinery in Brazil should support higher aluminium prices in the near term with benefitting Hindalco, Reuters reported citing Jefferies.
The stock of Hindustan Copper was the top gainer among the stack of Nifty Metal index on Thursday followed by the shares of Nalco, Hindalco, Vedanta, Jindal Steel, JSW Steel, SAIL, Tata Steel and MOIL. Shares of Hindustan Copper rose 13.31% to a day’s top of Rs 80.9 on Thursday. The heavyweight blue-chip stocks such as Nalco, Hindalco, Vedanta and Tata Steel also surged between the range of 3 to 9%.
Other than Hindustan Copper, metals stocks which surged in today’s trade include Nalco (up 8.86%), Hindalco (up 6.65%), Vedanta (up 5.63%), Jindal Steel (up 4.5%), JSW Steel (up 3.95%), SAIL (up 3.69%), Tata Steel (up 3.43%), MOIL (up 3.03%), Welspun Corp (up 2.97%), Hindustan Zinc (up 2.92%) and NMDC (up 2.16%). Shares of Hindalco zoomed 6.98% to a two-month high of Rs 259.75 on NSE today.
Other than Nifty Metal index, Nifty IT indicator rise more than 1% out of the eleven sectoral indices on NSE. The Nifty IT index surged 1.3% to 13,293 on Thursday as the heavyweight shares of TCS jumped nearly 2% as India’s second-largest IT company is scheduled to announce the financial results for the quarter and the year ended 31 March 2018 later today.