Nifty Metal index gains ahead of US-China trade deal; Vedanta up 2%

The Metal index is trading higher at 2,902.55 levels.

Jan 14, 2020 08:01 IST India Infoline News Service

Stock Exchange
The Nifty Metal index gained 1% in today's trade as investors risk sentiments underpinned on optimism over the signing of a phase-one trade deal between the US and China on Wednesday in Washington.

According to the media reports, the US President Donald Trump and Chinese officials are set to sign the long-awaited phase one trade deal between the two countries on January 15, 2020, in Washington to ease the 18-month trade war. The Trump administration has invited at least 200 people to the White House for the ceremony.

The deal will involve some tariff relief, increased Chinese purchases of US agricultural goods and changes to intellectual property and technology rules. The agreement will also include clauses that seek to prevent China from devaluing the yuan to unfairly compete against US exporters, the media news said.

The Metal index is trading higher at 2,902.55 levels. Shares of SAIL and Vedanta gained 2% each, followed by Tata Steel, Ratnamani, NMDC, JSW Steel, Hindalco, Hindustan Zinc and Welspun Corp are also up 1% each, while NALCO and Hindustan Copper are slightly up.

Shares of National Mineral Development Corporation (NMDC) are up 1% after it has completed the execution of mining lease agreements of four mines in Chhattisgarh and the mining lease of the aforementioned deposits is valid up to 2,035.

On the other hand, APL Apollo, Jindal Steel, MOIL and Coal India are down marginally.

Shares of Vishal Fabrics Ltd, CSB Bank Ltd, Agro Phos India Ltd, Thomas Cook (India) Ltd, Reliance Home Finance Ltd, IL&FS Engineering and Construction Company Ltd, Global Offshore Services Ltd, Cox & Kings Ltd, Cyber Media (India) Ltd, DQ Entertainment (International) Ltd hit a 52-week low on the NSE.

Meanwhile, Nifty was trading 7 points up at 12,339, while the Sensex was trading 5 points down at 41,854.

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