Nifty Breaks Through to Green After Falling for 3 Days on Back of Metals Rally

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Nifty Breaks Through to Green After Falling for 3 Days on Back of Metals Rally
Credit: © Reuters.

By Aditya Raghunath -- A rally in metal stocks pushed the Nifty 50 and BSE Sensex 30 to snap their 3-day losing streaks and close in the green. Nifty closed up 0.44% while the Sensex gained 0.4% at day’s close.

Hindalco Industries Ltd. (NS: HALC ) led the gainers on Nifty, closing up 10.17%, followed by Tata Steel Ltd (NS: TISC ) at 6.81%. JSW Steel Ltd (NS: JSTL ) also gained 3.35% while State Bank Of India (NS: SBI ) closed up 4.14% and Bajaj Finserv Ltd (NS: BJFS ) closed up 3.9%. Nifty Bank closed up 0.46%.

The reason behind the rally in metal stocks is China’s decision to impose export duties of 10-25% on steel products from August 1 in a bid to cut carbon emissions. Indian steel is poised to benefit from this as it will capture the market that Chinese firms will be forced to give up.

Tatva Chintan Pharma Chem Pvt Ltd (NS: TATV ) made a rockstar debut on the bourses, closing up 113% at Rs 2,312.2 compared to its issue price of Rs 1,083.

Asian markets also gained today with Nikkei 225 closing up 0.73%, KOSPI 50 closing up 0.18% and the Shanghai Composite closing up 1.49%.

US futures are trading mixed with Dow Jones 30 Futures up 0.38% and S&P 500 Futures up 0.15% while Nasdaq 100 Futures are down 0.18% at the time of this report.

Crude Oil prices rose to a two-week high, holding gains after US government data confirmed a solid draw on inventories last week. Bad-tempered public diplomacy between Iran and the West is also strengthening expectations that Iranian supply will not return to the world market as quickly as had been seen a month ago.

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