Nifty Metal, Pharma Gains; Nifty IT Witnesses Profit Booking

Metal industry equities were generally in the fast lane on Friday, following bullish Indian benchmarks and a dramatic increase in global signals. Broad-based purchasing was seen in Nifty Metal today as copper prices climbed in Asian trading, lifting investor sentiment.

Nifty Pharma and Nifty Metal were the top gainers among sectoral indexes, while Nifty IT was the biggest loser, as profit-taking was witnessed after two days of the fierce surge.

The Nifty ended above a series of recent parallel highs. It ended the day at a fresh all-time high. In the last five trading sessions, it rose 196.3 points, or 1.25 percent, to 15,924.2. This low-volume breakout has a slim chance of succeeding.

The largest gainer was NALCO, which achieved a 52-week high of Rs88.40 per piece.

SAIL, Jindal Steel, and Vedanta all increased by about 1.3 percent.

Tata Steel and MOIL both saw their stock prices rise by about 1%. The stock of JSW Steel increased by 0.78 percent. APL Apollo and Coal India both gained 0.6 percent and 0.5 percent, respectively. Stocks of NMDC and Ratnamani were modestly higher, helping to strengthen the index.

Nifty Metal was trading at 5,374 at 12.51 p.m., up 38.90points or 0.73 percent. The index hit an intraday high of 5,390.50 and a low of 5,350.50, respectively.

Nifty Pharma was trading at 14,652.50 at 12.51 p.m., up 185.05 points or 1.28% percent.

Nifty IT was trading at 15,911.25 at 12.51 p.m., down 12.95 points or 0.081% percent.