Like the Bank and IT sectors, the Nifty Metal sectoral index witnessed significant growth on Wednesday. This index rose by nearly 2 percent on Wednesday.
This sectoral index jumped in sync with the Sensex and Nifty50. The growth prospects of the metal sector in the global market have helped this index's upward trajectory.
During Wednesday's intraday trading, it rose by more than 1.85 percent to reach 10,260 points. This index had touched a record in October last year. At that time, this index reached 10,837 points. This means the index is only 5 percent below its peak level. However, this stock has been growing consistently since April this year.
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Over the past year, this index has grown by 15 percent. In the last 6 months, it has increased by nearly 10 percent. Over the past five years, this index has delivered multibagger returns. It has grown by approximately 250 percent. Although in November, this index's points declined by around three and a half percent. But in October, this stock grew by 5.7 percent, and in September it increased by 9.6 percent.
Several stocks played important roles in this index's growth on Wednesday. SAIL rose by 4.5 percent to reach ₹138. JSW Steel increased by 3.4 percent to reach ₹1,149. Hindusthan Copper's share price rose by 3 percent, and Ratnamani Metals' price increased by 2.5 percent. Besides, Tata Steel, NALCO, NMDC, APL Apollo, Vedanta, Hindustan Zinc, and Hindalco Industries also rose by more than 1 percent.
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