Nifty Metal Outlier In Volatile Trade; Hindalco Hits Fresh 52-Week High

After morning trade weakness, Indices have pared all loses and have been trading with a positive bias. At the time of writing this copy, Nifty has been up by over 50 points at 16710.95. Nifty Bank however is under pressure and trades lower by 0.87% or 315 points.

Nifty Metal Outlier In Volatile Trade; Hindalco Hits Fresh 52-Week High

Meanwhile, among Nifty sectoral indices, Nifty Metal continuing its early trade has gained even further by over 4%. This is as Russia-Ukraine tensions will result in commodity prices inching higher on supply side pressure.

Of the 15 stocks Nifty metal index, 14 are trading with gains, with the exception being Ratnamani metals.

Top gainers from the pack has been Hindalco, gaining to its new 52-week high price of Rs. 576.5 per share after substantial 8% gains intra-day. The stock has been the beneficiary of the surging aluminium prices that have hit a record high of around $3449 per tonne because of the ongoing Ukraine-Russia escalating tensions.

Likewise, steel stocks such as SAIL, Jindal Steel, Tata Steel, NALCO all gained between 3-6%.

These prices as suggested by experts will be a short term overhang and with the global tensions subsiding, prices of such commodities will again soften.

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