Metal, bank indices up sharply by 200 bps in early trade

Coimbatore | Updated on November 14, 2017

Metal and bank indices were sharply up by over 200 points each on the BSE in early morning trade.

However, it was more because of stocks having higher weightage on the index moving up significantly rather than an all-round price increase.

In the metal space, only three stocks saw double digit gains. Bhushan Steel was up by Rs 17.20, trading at Rs 413.25; JSW Steel edged up by Rs 14.25 to Rs 723.30; while Tata Steel gained Rs 10.75 at Rs 462.90.

On the metal index, Tata Steel has the highest weightage of 21.41 per cent, followed by Jindal Steel (16.08 per cent) and Coal India (14.64 per cent).

Among the bank stocks, SBI gained the most, up by Rs 30.70 at Rs 2,092.30; followed by PNB, which was up by Rs 21 at Rs 931.45. Axis Bank, which gained Rs 17.30 at Rs 1,139.90; and ICICI Bank, which was up by Rs 19.95 at Rs 876, were the other major gainers.

On the bankex, ICICI Bank has the highest weightage of 25.91 per cent, followed by HDFC Bank (25.14 per cent) and SBI (15.47 per cent).

While the metal index was up by 229 points, bankex has gained 209 points.

Published on March 30, 2012

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