Share market update: Metal shares shine; NMDC rises over 3%

Source: economictimes.indiatimes.com

NEW DELHI: Metal shares were trading with gains in Wednesday’s afternoon session after media reports suggested that Government was mulling raising import tax on steel items by up to 5 per cent as earlier measures were not adequate for local industry.

Shares of NMDC (up 3.24 per cent), Jindal Steel & Power (up 2.34 per cent), APL Apollo Tubes (up 1.84 per cent) and National Aluminium Company (up 1.80 per cent) were trading in the green.

Steel Authority of India (SAIL) (up 1.76 per cent), Welspun Corp (up 1.04 per cent), Tata Steel (up 0.90 per cent) and JSW Steel (up 0.76 per cent) too were trading with gains.

The Nifty Metal index was trading 0.26 per cent up at 3001.15 around 01:35 pm.

Benchmark NSE Nifty50 index was up 18.90 points at 11,929.20 while the BSE Sensex was up 72.07 points at 39,888.55.

Among the 50 stocks in the Nifty index, 30 were trading in the green, while 20 were in the red.

Shares of YES Bank, Adani Power, Dish TV India, Bank of Baroda, Ashok Leyland, SAIL, Indiabulls Housing Finance, Vodafone Idea, PNB and ITC were among the most traded shares on the NSE.