Metal stocks heat up on encouraging manufacturing data from China

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SummarySterlite Industries shares jumped 10.42 per cent, while Tata Steel's scrip climbed 10.22 per cent.

Led by Sesa Goa and Hindalco Industries, metal stocks on Thursday gained up to 13.1 per cent following encouraging manufacturing data from China -- the biggest consumer of metals.

Shares of Sesa Goa soared 13.10 per cent and settled at Rs 155.45 and Hindalco Industries surged 10.93 per cent to Rs 103.55. Hindalco was the top gainer among the 30-Sensex blue-chip stocks.

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Sterlite Industries shares jumped 10.42 per cent, while Tata Steel's scrip climbed 10.22 per cent.

Among others, JSW Steel rallied 9.77 per cent, Hindustan Zinc (9.37 per cent), SAIL (7.41 per cent), NMDC (7.04 per cent), Jindal Steel (4.89 per cent).

Following the gains in these stocks, the BSE metal index ended the day at 7,739.26, up 8.23 per cent from its previous close. The metal index was the best performer among the 13 sectoral indices.

Analysts said that buying was prominent in metal stocks today which recovered after encouraging data from China.

Brokers said manufacturing index in China increased in August from an 11-month low.

"With better-than-expected manufacturing numbers from China, metal stocks outshined other pivots by strong margins," said Jayant Manglik, President Retail Distribution, Religare Securities.

The broader market also saw a revival in trend after falling for the last four days and the Sensex ended the day with a gain of 407.03 points at 18,312.94.

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