Nifty Metal Outperforms Benchmarks and Peers Spurred by Adani Enterprises Rally

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Nifty Metal Outperforms Benchmarks and Peers Spurred by Adani Enterprises Rally
Credit: © Reuters.

By Malvika Gurung -- Sectoral index Nifty Metal has outperformed its peers as well as benchmarks Nifty50 and Sensex on Tuesday, jumping over 3.3% in the session, led by a rally in constituent stock Adani Enterprises (NS: ADEL ).

The index was trading 3.33% higher at 5,990.75 levels at 2:20 pm on Tuesday, significantly trumping all other sectoral indices listed under the Nifty umbrella.

Nifty Metal has been on an upward trend for the past three consecutive sessions, and has gained 6.9% during this period.

A spike in Adani Enterprises shares on Tuesday drove Nifty Metal’s surge in the session. The flagship company of Adani Group continued to witness its stock upswing for the third straight trading day on May 23.

In the past two sessions, Adani Enterprises shares soared 39.5%, leading the Nifty50 pack too.

The Supreme Court-appointed expert committee’s statement of no regulatory failure around the allegation of price manipulation in Adani stocks, taking into account the explanations provided by SEBI, has given confidence to investors to buy the beaten-down stock.

Other constituent stocks leading the 15-scrip sectoral index include APL Apollo (NS: APLA ) Tubes and Jindal Stainless (NS: JIST ).

Jindal Steel & Power and Hindustan Copper (NS: HCPR ) were the top losers on the Nifty Metal pack, declining upto 1% each at closing.

Read Also: Adani Enterprises Soars 19%, Jumps 40% in 2 Days; 6 Adani Stocks Hit Upper Circuits

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