 "Metal shares surge: Nifty Metal Index up 5%")
Shares of metal companies are in focus, with the Nifty Metal index surging an over 5% in early morning trade on the National Stock Exchange (NSE). The surge comes after Donald Trump got elected as the 45th President of the United States, and said in his victory speech that he would embark on a project to rebuild infrastructure in the US. He also plans to double US economic growth.
At 09:56 am, Nifty Metal index, the largest gainer among sectoral indices, was up 5% at 2,835, as compared to 1.2% rise in the benchmark Nifty50 index. The metal index surge 5.3% in intra-day trade at 2,844, its highest level since November 2014.
Tata Steel, Hindalco Industries, Vedanta, Hindustan Zinc, NMDC, Jindal Steel & Power, Welspun Corp, Steel Authority of India (SAIL) and Moil from the Nifty Metal index were trading higher by more than 5% each.
Copper surged to its highest in more than 15 months on Wednesday, taking most of the complex to multi-month highs as investors tried to interpret the implications of Donald Trump's victory in the U.S. presidential election, a Reuters report suggests.
Metals prices were being boosted by the prospect of a period of significant fiscal stimulus in the United States, after Republican Trump defeated Hillary Clinton, adeed report. LINK
"Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the day, with expectations that policies under US President-elect Donald Trump could spur infrastructure spending, as Trump's policies could require China to keep easy monetary policies in place," said Kunal Shah, head of research at Nirmal Bang in a report.
"Copper has just burst into life after a year of choppy sideways trading. Money managers were already lifting their exposure to copper even before this week. Funds were net long of the LME copper contract to the tune of 54,098 lots as of last Friday. It's the largest collective bull position since the LME first started publishing its commitment of traders report in 2014. The long position has almost certainly grown further over the last couple of days," he adds.
At 09:56 am, Nifty Metal index, the largest gainer among sectoral indices, was up 5% at 2,835, as compared to 1.2% rise in the benchmark Nifty50 index. The metal index surge 5.3% in intra-day trade at 2,844, its highest level since November 2014.
Tata Steel, Hindalco Industries, Vedanta, Hindustan Zinc, NMDC, Jindal Steel & Power, Welspun Corp, Steel Authority of India (SAIL) and Moil from the Nifty Metal index were trading higher by more than 5% each.
Copper surged to its highest in more than 15 months on Wednesday, taking most of the complex to multi-month highs as investors tried to interpret the implications of Donald Trump's victory in the U.S. presidential election, a Reuters report suggests.
Metals prices were being boosted by the prospect of a period of significant fiscal stimulus in the United States, after Republican Trump defeated Hillary Clinton, adeed report. LINK
"Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the day, with expectations that policies under US President-elect Donald Trump could spur infrastructure spending, as Trump's policies could require China to keep easy monetary policies in place," said Kunal Shah, head of research at Nirmal Bang in a report.
"Copper has just burst into life after a year of choppy sideways trading. Money managers were already lifting their exposure to copper even before this week. Funds were net long of the LME copper contract to the tune of 54,098 lots as of last Friday. It's the largest collective bull position since the LME first started publishing its commitment of traders report in 2014. The long position has almost certainly grown further over the last couple of days," he adds.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| WELSPUN CORP | 68.70 | 61.40 | 11.89 |
| JINDAL STEEL | 77.15 | 70.05 | 10.14 |
| NMDC | 134.35 | 124.05 | 8.30 |
| TATA STEEL | 430.25 | 399.35 | 7.74 |
| ORISSA MINERALS | 2375.00 | 2221.90 | 6.89 |
| MOIL | 357.50 | 334.85 | 6.76 |
| HINDALCO INDS. | 172.50 | 162.10 | 6.42 |
| HIND.ZINC | 269.40 | 253.45 | 6.29 |
| VEDANTA | 229.55 | 217.65 | 5.47 |
| S A I L | 52.40 | 49.75 | 5.33 |
| NATL. ALUMINIUM | 53.45 | 51.35 | 4.09 |
| BHUSHAN STEEL | 43.90 | 42.20 | 4.03 |
| JSW STEEL | 1743.25 | 1680.85 | 3.71 |
| COAL INDIA | 323.70 | 317.05 | 2.10 |