The Nifty Metal index gained 3% on Monday amid positive global cues following upbeat economic data and improved signs of progress in Sino-US trade negotiations.
Shares of Welspun Corp
, Jindal Stainless (Hisar)
, APL Apollo
, and Vedanta
were leading the index’s futures.
Shares of Welspun Corp, which spurted 8%, were leading the index’s gains. Shares of Hindalco, APL Apollo, and Jindal Stainless (Hisar) also contributed to the gain, climbing 5% each. Shares of Vedanta, NALCO
, and Hindustan Copper
rose 4% each, while those of Hindustan Zinc
, Tata Steel
, and NMDC
gained 3% each.
On Sunday, data released by China government showed the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 50.8 for March compared to 49.9 in February. The upbeat economic data from China, the world’s bigger base metal consumer, escalates expectation regarding the demand growth, which lent support to shares of the company.
What’s more, trade talks between the US and China also cheering metal sectors. On Friday, officials from both the economies concluded trade talks in Sino, with the US officials saying the negotiations were "candid and constructive" as both try to resolve they're drawn out trade war.
Meanwhile, equity benchmark indices were trading in the green on Monday with the Sensex gaining 308 points at 38,981 levels. The NSE also rose 77 points at 11,701 levels.