Nifty Metal index up 1%; Jindal Steel, SAIL, Tata Steel stocks gain

Jindal Steel surged 4%, followed by SAIL, Tata Steel, Vedanta, and NMDC, which rose in the range of 2-3%, respectively.

Jun 12, 2019 04:06 IST India Infoline News Service

Steel angles, Metals
The Nifty Metal index were trading higher in an otherwise weak market on Wednesday. The index opened higher at 2,983 levels and currently trading at 2,981.20 levels in the late morning trade.

The index rallied after base metals rose today tracking the benchmark London Metal Exchange (LME), and in line with global equities, after China introduced measures to support its economy.

As per media reports, US President Donald Trump said that he will impose more tariffs on Chinese goods, if President Xi Jinping does not meet him at the G-20 conference in Japan. As per Reuters report, China’s Yangshan copper import premium SMM-CUYP-CN has risen to as high as $59 a tonne, from this year’s low at $47 hit in mid-May, indicating higher physical demand for the metal amid falling stocks in warehouses.

Jindal Steel surged 4%, followed by SAIL, Tata Steel, Vedanta, and NMDC, which rose in the range of 2-3%, respectively. Hindustan Copper, JSW Steel, Hindalco, NALCO, and Welspun Corp were up 1% each. However, Coal India is trading with marginal losses.

Currently, benchmark indices extended losses, with the Nifty50 index holding 11,900-mark, down by 57 points and the Sensex fell 223 points at 39,727 levels.

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