Amid strong market momentum, the one pack that is shining in today's trade is the metal pack and in fact on tremendous gains has hit a new high of 4044.75. At the time of writing this copy, Nifty Metal went higher by 3% when Nifty was trading with gains of 0.78 percent.
Individually, stocks that are contributing the most to the index include JSW Steel, Hindalco, Tata Steel, Hindustan Zinc and Vedanta. Nonetheless, the stock that added the most i.e. Hindustan Copper was down in trade today.
The rally in the pack is primarily owed to inching of metal prices higher as there is a gap in demand and supply. Further the push for infra development to take the economy out of the crisis is also weighing now.
According to N S Ramaswamy, head of commodities at Ventura Securities, expectations of a historic deficit of raw material amid rising demand, signal of tightness on London Metal Exchange (LME), hopes of the US and Europe stimulus, revival of global inflation, and clean-energy transition have changed sentiment over the past one and a half month.