Metal stocks on buyer's radar; surge up to 6.5%

Jun 05 2014, 20:42 IST
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SummaryMetal stocks rose by as much as 6.5 per cent on bullish investor sentiment amid positive China factory survey.

Metal stocks today rose by as much as 6.5 per cent on bullish investor sentiment amid positive China factory survey earlier this week.

Shares of Sesa Sterlite ended at Rs 314.45, up 6.50 per cent on the BSE. The stock was the top gainer among the 30- Sensex blue-chips.

Hindalco Industries gained 5.54 per cent, while Tata Steel rose by 3.45 per cent.

Among others, Orissa Minerals Development Company was up 4.59 per cent, while Jindal Steel and Power gained 2.79 per cent, NMDC (1.63 per cent), JSW Steel (1.58 per cent) and Bhushan Steel (0.71 per cent).

Metal stocks are gaining as China registered its fastest growth in manufacturing last month, which in turn kindled expectations that metals would be in greater demand, market experts said.

The Chinese HSBC Manufacturing PMI index, which is based on a survey of factory purchasing managers, has climbed to 49.4 in May from 48.1 in April.

Tracking the gains in these stocks, the BSE metal index closed 3.33 per cent up at 13,752.64, registering the highest gain among the 13 sectoral indices.

Meanwhile, in the broader market the BSE Sensex ended at 25,019.51, up 213.68 points.

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