Metal Stocks Surge: Tata Steel Jumps 6%

New Delhi, Sep 3 (PTI) Metal stocks were in the limelight on Wednesday, with Tata Steel surging nearly 6 per cent, supporting the overall rally in the equity market.

Shares of Tata Steel jumped 5.90 per cent, Jindal Steel surged 5.49 per cent, Steel Authority of India Ltd (SAIL) climbed 5.44 per cent, National Aluminium Company edged higher by 3.37 per cent, Hindalco Industries (3.04 per cent), JSW Steel (2.92 per cent), NMDC (1.99 per cent), Lloyds Metals (1.87 per cent), Vedanta (1.84 per cent) and Hindustan Zinc (1.01 per cent) on the BSE.

Tracking the sharp rally in these stocks, the BSE metal index jumped 3.08 per cent to 32,138.17.


"Tata Steel, SAIL, Jindal Steel and Hindustan Copper led the charge as China's supply curbs and a weaker dollar boosted sentiment," Gaurav Garg, Lemonn Markets Desk, said.

The 30-share BSE Sensex jumped 409.83 points, or 0.51 per cent, to settle at 80,567.71 after a volatile day of trade. The 50-share NSE Nifty climbed 135.45 points, or 0.55 per cent, to 24,715.05.

"Tata Steel and Jindal Steel & Power led the charge, rallying 6 per cent and 5.5 per cent, respectively, buoyed by tightening supply cues from China and a softening US dollar, which improves global pricing power," according to Bajaj Broking.