Metal stocks have been hogging the limelight for a year as the increasing pace of economic recovery has augmented the demand scenario for the sector.
Metal stocks were on a roll as the sectoral index along with several of its components hit a fresh 52-week high in intraday trade on April 6.
The Nifty Metal index made a fresh 52-week high of 4,305.50 and 6 stocks of the index – Adani Enterprises, JSW Steel, SAIL, Jindal Steel, Vedanta and Tata Steel – also hit their 52-week highs.
At 1130 hours, Nifty Metal was 1.65 percent up with 12 stocks in the green and three stocks – Hindustan Zinc, NMDC and Ratnamani Metals – in the red.
Metal stocks have been hogging the limelight for a year as the increasing pace of economic recovery has augmented the demand scenario for the sector.
In the financial year 2021 (FY21), the Nifty Metal pack emerged as the top sectoral gainer, surging 151 percent compared to the Nifty’s 71 percent jump.
After the COVID-19 dealt a severe blow to the economy in the early part of FY21, metal stocks started to rise as investors anticipated economic recovery.
Read more: Nifty Metal index jumps 9% in last two weeks, 151% in FY21; does it have steam left?
