Nifty Metal index gains 2% on positive global cues

Shares of Jindal Steel, which gained 9%, were leading the index’s gain.

Feb 12, 2019 08:02 IST India Infoline News Service

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The Nifty Metal index gained 2% on Tuesday amid positive comments from President Donald Trump that sparked optimism regarding a successful trade deal between the US and China. Heavy buying in Jindal Steel, SAIL, Hindustan Copper, JSW Steel, and Tata Steel also led to the index’s gain.

The Trump administration said the US president still wants to meet China’s Xi Jinping in an effort to end the trade war. Further, mid-level officials began discussions on Monday in preparation for two days of talks starting Thursday involving US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He. 

Shares of Jindal Steel, which gained 9%, were leading the index’s gain. Shares of SAIL, Hindustan Copper, and JSW Steel also contributed to the gain, rising 6%, 5%, and 4%, respectively. Shares of Tata Steel, Jindal Stainless (Hisar), Welspun Corp gained 3% each, while those of Coal India and Vedanta rose 2% each.

Meanwhile, equity benchmark indices were trading marginally low with the Sensex declining 47 points at 36,348 levels. Nifty dropped 4 points at 10,884 levels.

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