Amid the ongoing volatility in the Indian Equity market Nifty share price has breached the psychological support barrier of 8600 and is trading at Rs 8,577.40 spot.
Earlier on Thursday, Nifty share price slipped down to its psychological strong support of 8600 and all sectoral indexes closed in the negative zone including the star performer of the year – Nifty Metal Index – on the back of weak economic trade data from China. Following this trend, the Index remained over the level of 8600. However, in today’s trading session, this level was broken and we are yet to see if this level hold or it will go further down.
Shares of metal companies were trading higher in a range-bound market as the Nifty Metal Index hit 52-week high on the National Stock Exchange (NSE) on Monday.
On 9th October the Nifty Metal Index hit a 52 week high of 2,712.25 in intra-day trade, moving up from its previous high of 2685.15 touched on 8th September, 2016.
National Aluminium Company, Nalco was up by 7 per cent at Rs 52.50, Tata Steel was up by 3 per cent at Rs 418 and NMDC was up by 1.6 per cent at Rs 119.70. They all have hit their respective 52-week highs on the NSE in intra-day trade on the same day. Vedanta, Hindalco and SAIL (Steel Authority of India) were up 1 per cent and 3 per cent.
The five Companies Vedanta, Hindalco Industries, JSW Steel, Hidustan Zinc and Tata Steel are the brightest star of the sector.
Price Taken from 1st January 2016 to 10th October 2016
In the year to date so far Nifty Metal index has outperformed all other sectors. The sector surged over 40 per cent while Nifty 50 gained only 9 per cent in the same period. Within the sector the top five stocks have gained between 63 per cent and 119 per cent. Vedanta tops the list with an up move of 140 per cent. Meanwhile, MCX Metal Index gained 17 per cent in the same period.
In the year to date so far Nifty Metal index has outperformed all other sectors. The sector surged over 40 per cent while Nifty 50 gained only 9 per cent in the same period. Within the sector the top five stocks have gained between 63 per cent and 119 per cent. Vedanta tops the list with an up move of 140 per cent. Meanwhile, MCX Metal Index gained 17 per cent in the same period.
According to the above chart we can see a clear surge in the metal index of Nifty since the beginning of June ’16.
At the moment Nifty metal index is trading at 2658.50, up by 15 points or 0.57 per cent.We are yet to notice if the equity benchmark index of Nifty will show any signs of recovery and if it does, if the metal index will follow the same trend!
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