On Tuesday, the key frontline domestic benchmark indices ended the day on a mixed note. The NSE benchmark Nifty 50 closed in the green, up by 27 points, surpassing the 22,500 mark, while the BSE Sensex slipped below the important psychological mark of 74,000, ending down by 53 points.
The broader indices also displayed mixed performance, with the Nifty Midcap advancing 0.38% and closing at record high levels, while the Small-cap index ended in the red.
Focusing on sectoral performance, it was a mixed day; however, Nifty Metal emerged as the standout performer. The Nifty Metal index surged almost 4%, marking its best intraday gains since April 1, 2024. On a YTD basis, the index is up by about 25%, significantly outperforming the Nifty, which has logged gains of 3.58%. As a result, the Nifty Metal index has outshined the frontline indices by a wide margin.
Let’s look at the top 5 performing metal stocks in 2024, selected from the Nifty Metal Index. The Nifty Metal Index is designed to reflect the behavior and performance of the metals sector, including mining. It comprises a maximum of 15 stocks listed on the National Stock Exchange (NSE).
Interestingly, the top performer is neither Tata Steel nor Hindalco Industries. The leading stock is the dark horse from the metal index – Hindustan Zinc.
| Name | YTD % Gain |
| HINDZINC | 138.09 |
| VEDL | 89.91 |
| NATIONALUM | 50.96 |
| HINDCOPPER | 46.17 |
| JINDALSTEL | 42.63 |
The share price of Hindustan Zinc has risen more than 100% on a YTD basis, delivering multibagger returns to its shareholders. On Tuesday, the stock hit the upper circuit limit of 20%. Hindustan Zinc is India’s largest and the world’s second-largest integrated zinc producer, and a subsidiary of Vedanta Ltd.
Second on the list is Vedanta (VEDL). Not long ago, the stock faced dark clouds due to looming debt issues, resulting in a crash of over 20% between July and September 2023. However, fortunes have turned, and the stock now stands as the second-best performer of the year.
The stock price of National Aluminium Company has advanced about 51%, making it the third-best performing stock from the Nifty Metal index. The company is expected to announce its earnings on May 27, 2024.
The share price of Hindustan Copper has risen by 46% on a YTD basis, placing it fourth among the best-performing stocks of 2024 from the metal index. The company is expected to announce its results on May 24, with the board likely to recommend and approve a dividend for FY24.
The share price of Jindal Steel & Power surpassed the milestone of four digits on Tuesday, adding 42.63% in 2024 so far. As a result, it is among the top-performing metal stocks of 2024.
So, it’s not Tata Steel or Hindalco from the Aditya Birla Group that tops the list, but Hindustan Zinc, promoted by Vedanta, that has claimed the top spot.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: May 21, 2024, 5:31 PM IST
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