Nifty Metal spirals upwards in bear market

The Nifty Metal index hit an all-time high of 3,439 level, gaining 98 points in the morning hour on Tuesday. Hindalco was the top gainer on the index, trading at Rs 238.5 per share, up by Rs 10.85 or 4.77%. 
 
Hindalco’s stock created quite a flutter in the early morning trade on Tuesday and was also the second most active stock on the NSE in terms of value. The stock also touched its fresh 52-week high of Rs 244.9 per share during the day. The company’s overseas arm, Novelis’, Q1 profit grew to USD 101 million.
 
Vedanta is the second top gainer in the index, trading at Rs 299.65 per share, up by Rs 11.95 per share or 4.15%. Other metal stocks including Tata Steel, National Aluminium Company, SAIL and Hindustan Zinc are also trading higher by up to 3%.
 
Chinese steel prices and iron ore futures are surging in the international markets, helping the market to predict strong bottomline for the Indian companies. If the metal prices in the global markets hold their high level it would be beneficial for the Indian metal companies.
 
Meanwhile, major indices in the market are displaying a poor performance with Nifty trading a tad above the crucial 10,000 mark at 10,003 while the Sensex was trading at the 32,085 level, down by 187 points.