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Nifty Auto and Nifty Metal have shown strong performance in 2024 YTD, outperforming the benchmark. Experts favor auto over metals for long-term investment due to growth potential, innovation, and less impact from global factors.
The index has been rising, making new highs since the second half of 2023. It made new all-time highs in 5 consecutive trading sessions. A significant surge in demand from China is believed to drive the rally in the metal space.
Metal stocks have been on a roll lately. The Nifty Metal index has been up significantly, with gains of over 50%, in the last one year.
The NSE Nifty index was trading 53.15 points down at 22517.2
The Nifty Auto index was trading 0.62 per cent up at 21743.7.