Jindal Stainless, Tata Steel And Other Metal Stocks Surge As Sector Gains Momentum

Metal stocks witnessed a sharp uptick in Wednesday’s trade, signaling renewed investor confidence in the sector. Leading the rally were prominent names such as SAIL, APL Apollo Tubes, Jindal Stainless, Tata Steel, Hindustan Zinc, Vedanta, Hindalco Industries, and JSW Steel, all posting gains across the board.

The NSE Nifty Metal index advanced 1.86% at intraday ad the index hit a 10,096.05 mark.

Among the top performers, SAIL a Maharatna PSU under the Ministry of Steel, India’s largest government-owned steel producer with integrated plants across the country surged to Rs 136.95, marking a 3.55% rise while JSW Steel climbed to Rs 1,144.50, up 2.92%.

Jindal Stainless also saw strong buying interest, advancing to Rs 761.35 with a 1.98% gain. APL Apollo Tubes added 1.47%, settling at Rs 1,723.40. These counters led the rally reflecting robust sentiment in the steel and structural products space.

Next in line were Tata Steel, which moved up 1.91% to Rs 169.51, and Vedanta, gaining 1.30% at Rs 511.20. Hindustan Zinc edged higher by 1.08% to Rs 467.60, while Hindalco Industries posted a modest rise of 0.71%, closing at Rs 794.95.

APL Apollo Tubes, headquartered in Noida, is India’s leading manufacturer of structural steel tubes, catering to construction and industrial applications. Meanwhile, Jindal Stainless, part of the OP Jindal Group, is India’s largest stainless steel maker with a global footprint.

The NSE Nifty Metal index advanced 1.86% to 10,096. The index was trading 1.58% higher at 10,231.70 as of 10:19 a.m. compared to 0.77% advance in the NSE Nifty 50 index.

The index has gained 14.82% in 12 months, and 18.37% on a year-to-date basis. The relative strength index of the index is 26.19.

The market-cap of metal stocks advanced to Rs 29,889 crore as of 10:20 a.m.