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Nifty Metals Shine 1%: APL Apollo, SAIL, JSW Steel Leading the Rally
On Thursday, metal firm stocks were trading in an optimistic tone as investors' concerns about price controls faded after China decided to keep commodities prices under control.
Metal stocks have been among the best performers in recent months, owing to improved demand, a shift of business from China to India, and a low base due to the March 2020 sell-off.
The NIFTY Metal Index is designed to reflect the Metals sector's behavior and performance (including mining). The NIFTY Metal Index is made up of a maximum of 15 equities from the National Stock Exchange (NSE).
The Nifty Metal index has gained more than 1% on the NSE, owing to broad-based purchasing, particularly in heavyweight firms.
Nifty Metal was trading at 5,265.60 at 2.16 p.m., up 56.15 points or 1.08 percent. The index hit an intraday high of 5,306.60 and a low of 5,244.70, respectively.
Nifty Metal's top gainer was APL Apollo, which soared by 3.92 percent. SAIL and JSW Steel were in second and third, with nearly 2% gains each. MOIL jumped by 1.5%.
