Geopolitical tensions escalated as Russia further advanced its invasion of Ukraine that began last week. Indian equity benchmarks suffered deep losses after a gap-down start on Wednesday, as the market returned to trade after a day’s holiday. Tata Steel, Jindal Steel & Power, and Hindustan Zinc also advanced over 5%. Russia is a major producer of industrial metals such as aluminum and nickel and curbs on its exports make increase the demand in India.Ĭoal India rose 7% on monthly sales data to lead the performance while Hindalco hit a fresh 52-week high of Rs614.25 per piece on Wednesday. The Index has witnessed sharp gains since last week as tensions between Russia and Ukraine are expected to turn India’s metal sector attractive. Nifty Metal rose over 4% for the third consecutive trading day.
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