Metal stocks continued their winning streak despite weak markets on Monday. The index gained more than 1% as Hindalco Industries again led the charge amid soaring aluminum prices. Hindustan Copper and Vedanta were also on the fast track.
Metals hit new highs, with copper hitting a record high as soaring energy prices and fears of supply shocks rattled commodity markets amid war in Ukraine. Aluminum prices are also at record highs. Prices are rising due to disruptions in supply from Russia following economic sanctions from Western powers which will choke off supply. Russia and Ukraine are among the world’s largest suppliers of non-ferrous metals.
Markets fell and the rupee hit record highs on Monday, as a spike in oil prices over fears of a ban on Russian oil imports stoked worries about higher inflation and a larger current account deficit. important for the world’s third-largest crude importer. Sensex plunges more than 1,200 points trailing Asian peers; Not bad below 16,000.
At around 12:08 p.m., BSE Sensex was trading at 53,121.30 down 1,212.51 points or 2.23% and Nifty50 at 15,917.15 down 328.20 points or 2.02%. Nifty Metal was trading at 6,044.10 at the top 33.95 dots or 0.56%, reaching a high of 6,108.30 and a low of 988.45 during intraday trading on Monday.
Among the constituents of the NSE Metal Index, Hindalco Industries Ltd was trading up 3.7% at 605.30 rupees per piece. Hindustan Copper (up 2.23%), Vedanta (up 1.74%), NALCO (up 1.1%) and Coal India Ltd (up 1%), V and NMDC Ltd ( up around 1%) were among the top gainers.
On the other hand, Welspun Corp (-2.9%), Adani Enterprises (-2.3%), APL Apollo Tubes Ltd (-2.25%), Ratnamani (-1.45%) and Steel Authority of India Ltd ( -1.4%) fell.