- Metal stocks are shining even when the markets plummeted amid the volatility due to the Russia-Ukraine conflict. Energy companies too did well.
- The metal sector was the best performing sector today, with a 1.6% jump in intraday trade. Hindalco Industries limited was one of the top gainers today.
- Shares of energy producers are on the rise, even though markets plummeted.
Metal stocks were trading in the green, even though the markets are deep in the red. The S&P BSE Metal Index increased 569.76 points or 2.68% at 21,855.971 points today.
Benchmark indices Sensex and Nifty tumbled 3% on Monday, amid weak global markets and elevated oil prices. Foreign Institutional investors are on a selling spree.
Some of the top gainers in the metals space were
| Stock | CMP (₹) | Increase (%) |
|---|---|---|
| Hindalco Industries Ltd | 620.65 | 6.31 |
| Tata Steel Limited | 1,293.00 | 1.25 |
| Vedanta Ltd | 387.45 | 3.76 |
| Jindal Steel & Power Ltd | 441.60 | 1.34 |
| NMDC Limited | 153.35 | 3.54 |
| JSW Steel Limited | 634.15 | 0.35 |
| National Aluminium Company Limited | 126.60 | 3.09% |
The metal sector was the best performing sector today, with a 1.6% jump in intraday trade. Hindalco Industries limited was one of the top gainers today. In the past five days, Nifty metal rose 7.84%, against the correction that is happening in the markets in the midst of the Russia-Ukraine conflict.
Metal stocks rallied due to an increase in steel prices led by supply constraints in Russia and Ukraine. Indian steelmakers benefitted from this in the export market, according to Vinod Nair, Head of Research at Geojit Financial Services.
“If that (metal) index were to get past 6,300, I see another 10% upside on the metal index. So that’s one space we like on the long side. IT after a large fall seems to be stabilising at current levels. So, IT could stabilize. It’s probably one place to hide but everything else does not have a good set-up,” Gautam Shah, founder & chief strategist at Goldilocks Premium Research told CNBC TV 18 on Friday.
Oil & Natural Gas Sector
| Stock | CMP (₹) | Increase (%) |
| Oil & Natural Gas Corporation Limited | 187.00 | 13.16 |
| GAIL (India) Limited | 160.20 | 3.06 |
| Indraprastha Gas Limited | 337.65 | 1.78 |
Shares of energy producers are on the rise, even though markets plummeted. As per reports, European countries are going to reduce their dependence on Russian gas and increase their consumption of thermal coal. Brent crude oil prices are soaring and this will benefit oil producers. The shortage of natural gas after the likely sanctions on Russian producers will also benefit Indian producers.
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