Amid strong market momentum, when Nifty and Sensex are scaling new highs and global markets are said to be rallying for the 12th consecutive day, it was the metal index that outperformed all other indices. At the time of writing this copy, Nifty Metal index was up by over 3 percent.
Gains of over 4 percent on Nifty Metal
The index gains are primarily attributed to economic recovery post the pandemic across economies and as metal prices are trending higher. And in today's deal (February 16, 2021), the Nifty Metal index hit an all time high of 3615.25.
And on analysts' optimism, there has been seen a push in iron ore and steel stocks. Commodities' boom is gathering pace as per JPMorgan Chase & Co which said a new supercycle may have begun. Also, similar momentum was maintained by GoldMan Sachs on commodities' on the back of rising global liquidity, weaker dollar and decarbonisation push. "
Major movers in the Nifty Metal pack
Tata Steel, Hindalco, Hindustan Zinc, Jindal Steel and Vedanta have been the major stocks contributing to major gains, with no stock from the pack in the red.