Indian metals index hits record high on global price surge

National Aluminium

15/04/2024 09:17

** Nifty metal index  .NIFTYMET  rose as much as 1.2% to hit
record intraday high at 9,060.8 points, before trimming gains to
trade largely flat 
    ** Aluminium producers Hindalco  HALC.NS  and NALCO
 NALU.NS  rise 3.2% and 2.8%, respectively, as global aluminium
prices surge on fresh sanctions by the U.S. and UK on Russian
metals  MET/L  
    ** Iron ore miner NMDC  NMDC.NS  gained 2.3%, third-top
gainer on the 15-member index, as the most-traded DCE iron ore
contract rises  IRONORE/ 
    ** Seven of the 15 members on the index are trading in the
green 
    ** Most stocks on the index are rated "Buy" by analysts,
including NALU, HALC and NMDC; HNZC is rated "Sell" and ADEL has
two brokerages rating the stock "Sell" or above, per LSEG data 
    ** NIFTYMET up 12% so far this year vs 2.8% gains in NIFTY
50 index 


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))