Nifty Metal Gains 1%; Welspun Corp, Jindal Steel, Adani Enterprises Shine

The Nifty Metals index increased by 1.15 percent to 5,163.75. In the last two sessions, the index has gained 2.27 percent.

The Nifty was trading around 15850, with auto, metal, power, and oil & gas sectors supporting the benchmark indices.

Welspun Corp, Jindal Steel, and Adani Enterprises led the Nifty metal index higher by 1%.

The best firms in this department, according to the rankings, are JSW Steel, Tata Steel, JSPL, SAIL, Tata Steel (PP), APL Apollo Tube, Ratnamani Metal, Mishra Dhatu Nigam Ltd., Tata Steel BSL, and Welspun Corp.

Vedanta, SAIL, and Coal India all increased by more than 1%. NMDC increased by 0.97 percent. JSW Steel and Hindalco gained 0.6 percent and 0.5 percent, respectively. The top underperformer was APL Apollo, which fell by over 1%. MOIL, Ratnamani, and Hindustan Zinc all fell marginally.

Last week, the US dollar benchmark index rose strongly against a basket of currencies as the US Federal Reserve signalled faster-than-expected interest rate hikes and opted for a hawkish posture.

India's metal sector generates a considerable portion of the country's GDP and has established India as a major contender among iron-producing nations.