Metal stocks surge on Russia-Ukraine war, Nifty metal up 5%
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Shares in the metal space have witnessed sharp gains on Monday as tensions between Russia and Ukraine are expected to turn India's metal sector attractive.
The Nifty metal index rose 5 per cent on Monday.
"Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share," said Vinod Nair, Head of Research at Geojit Financial Services.
Russia is a major producer of industrial metals such as aluminium and nickel.
Jindal Steel and Power settled 6 per cent higher from its previous close, and Tata Steel settled 6.3 per cent higher.
Hindalco Industries shares settled 7.2 up, while JSW Steel gained between 4.6 per cent.
Steel Authority of India, National Aluminium Company, Vedanta, and Hindustan Copper shares settled in 3-5 per cent higher range.
