A volatile Wednesday for the indices but the markets are significantly above the intra-day lows. Though the Sensex and Nifty are trending lower in late trade, the Indices came-off significantly from the low point of the day. Metals are one of the key sectors that helped this recovery. Both the BSE Metal Index and the Nifty Metal are up smartly in a falling market.
Some of the top gainers in the metal space includes SAL, NALCO, NMDC, Tata Steel and Adani Enterprises. Interestingly the metal stock shad seen significant correction earlier this week after the US President Donald Trump imposed 25% tariff on steel and aluminium imports to the US.
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A quick look at the top gainers in the metal stocks today-
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Steel Authority of India is among the top gainers clocking 5% plus gains in trade today. The stock recovered 6% from intra-day lows and closed near the high-point of the day. Apart from the recent correction seen in the metal space, the stock is also in focus on the back of recent Q3 numbers. While the profit declined due to falling steel prices, the management had an encouraging outlook for the next quarter. While the CEO acknowledged the challenges posed by lower steel prices, and reiterated optimism about the company’s ability to tide over these headwinds.
NALCO
NALCO also saw significant recovery. the three-fold jump in profit helped bolster investor sentiment. The company, in fact reported highest ever profit and revenue from operations in the third quarter. Better sales realisations in alumina and higher alumina sales volume helped the Q3 performance.
NMDC
NMDC share price also significant uptick in intra-day trade and closed with 2% plus gains. The Q3 revenue grew 21% while the net profit for Q3FY25 jumped 33% QoQ. The uptick in Q3 numbers were primarily driven by higher volumes and spike up in steel per tonne selling price.
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