The Hindu Business Line : Metal stocks stage comeback

MUMBAI: Metal stocks turned active on Friday on emergence of buying by funds, triggered by firming global market trends, placing the segment index up by 1.71 per cent.

The BSE metal index, which had lost nearly 29 points yesterday, bounced back by 142.38 points to close at 8,346.06 after moving between 8,503.32 and 8,363.70 in intra-day trading, extending support to the BSE Sensex.

The rally was led by segment majors - Tata Steel, Hindustan Zinc, Jindal Saw and Jindal Steel and Power.

Stock brokers attributed recovery in metal stocks to strong trends in global markets.

Expectations of strong earnings for the fourth quarter from major companies too buoyed trading sentiments, they said.

Stocks of Tata Steel traded heavily throughout the session and ended Rs 8.30, or 1.88 per cent, higher at Rs 449.60. Hindustan Zinc stocks continued its upward march and gathered another Rs 13.35, or 2.43 per cent, at Rs 563.35.

Other firm spots were Jindal Saw by Rs 12.55 at Rs 505, Jindal Steel and Power by Rs 30.10 at Rs 2,371.50, SAIL by Rs 2.10 at Rs 114.10, Sterlite Industries by Rs 9 at Rs 468.20, Maharashtra Seamless by Rs 16.45 at Rs 509.75, Jindal Stainless by Rs 2.90 at Rs 122.30 and Hindalco by Rs 2 at Rs 130.30.

Globally, nickel prices flared up by $500 at $43,850 a tonne while zinc rose by $60 at $3,250 a tonne and copper by $5 at $6,755 a tonne. - PTI

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