Hindalco shares up nearly 7 pct, top gainer on Sensex, Nifty

Jul 01 2014, 18:21 IST
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Hindalco's stock rose by 6.76 per cent to settle at Rs 175.20 on the BSE Hindalco's stock rose by 6.76 per cent to settle at Rs 175.20 on the BSE
SummaryHindalco's stock rose by 6.76 per cent to settle at Rs 175.20 on the BSE

Shares of metal major Hindalco Industries caught buyers' fancy today, surging nearly 7 per cent, after indicators showed manufacturing sector is picking up pace in China, the world's biggest metal consumer.

Hindalco's stock rose by 6.76 per cent to settle at Rs 175.20 on the BSE. During the day, it soared 7.92 per cent to Rs 177.10

-- its 52-week high level.

At the NSE, the scrip jumped 6.64 per cent to close the day at Rs 175.10.

The stock was the top gainer among the blue-chips on both Sensex and Nifty.

On the volume front, 23.42 lakh shares of the company changed hands at the BSE, while over one crore shares were traded at the NSE during the day.

Market experts said that the stock rose following reports of upgrade by a rating agency. Also, two key indices of Chinese manufacturing showed the sector is growing at its fastest pace this year.

The official Purchasing Manager's Index rose from 50.8 to 51 in June, which is above the 50-point level that signals expansion. Its private sector counterpart, HSBC's PMI, also rose from 49.4 in May to 50.7 last month.

Metal stocks track Chinese macroeconomic data closely.

In the broader market, the BSE benchmark Sensex ended at 25,516.35, up 102.57 points or 0.40 per cent.

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