Shares of metal companies continued their upward journey for the fourth day in a row after data showed the Chinese economy grew slightly faster than expected in the second (April-June) quarter.
Hindalco Industries, Tata Steel, JSW Steel, Jindal Steel and Power, Steel Authority of India (SAIL) and Sesa Sterlite from the frontline metal stocks trading higher in the range of 2-4% on the Bombay Stock Exchange (BSE).
At 1455 hours, the S&P BSE Metal index, the largest gainer among sectoral indices, was up 2.4% or 308 points at 13,325 compared to a marginal 1 points decline in S&P BSE Sensex. In past four trading sessions, the metal index surged 7% against 2% rise in the benchmark index.
According to Reuters report, China, the world's second largest economy expanded at a 7.5% annual pace in the second quarter (April-June), the statistics bureau said, just beating the 7.4% median forecast in a Reuter’s poll.
China is the world's largest consumer of copper and aluminum.
Among the individual stocks, Hindalco Industries has gained nearly 4% to Rs 190, also its highest level since July 2011 on BSE. Tata Steel and Coal India up 3% each at Rs 560 and Rs 375 respectively, while Jindal Steel and Sesa Sterlite up 2% each at Rs 300 and Rs 302 respectively.
Tata Metaliks (up 20% at Rs 91), Tata Sponge Iron (up 14% at Rs 807) and Uttam Galva Steels (up 10% at Rs 83) are among few mid-and-small-cap stocks rallied more than 10% each on BSE.
Hindalco Industries, Tata Steel, JSW Steel, Jindal Steel and Power, Steel Authority of India (SAIL) and Sesa Sterlite from the frontline metal stocks trading higher in the range of 2-4% on the Bombay Stock Exchange (BSE).
At 1455 hours, the S&P BSE Metal index, the largest gainer among sectoral indices, was up 2.4% or 308 points at 13,325 compared to a marginal 1 points decline in S&P BSE Sensex. In past four trading sessions, the metal index surged 7% against 2% rise in the benchmark index.
According to Reuters report, China, the world's second largest economy expanded at a 7.5% annual pace in the second quarter (April-June), the statistics bureau said, just beating the 7.4% median forecast in a Reuter’s poll.
China is the world's largest consumer of copper and aluminum.
Among the individual stocks, Hindalco Industries has gained nearly 4% to Rs 190, also its highest level since July 2011 on BSE. Tata Steel and Coal India up 3% each at Rs 560 and Rs 375 respectively, while Jindal Steel and Sesa Sterlite up 2% each at Rs 300 and Rs 302 respectively.
Tata Metaliks (up 20% at Rs 91), Tata Sponge Iron (up 14% at Rs 807) and Uttam Galva Steels (up 10% at Rs 83) are among few mid-and-small-cap stocks rallied more than 10% each on BSE.