Tata Steel, which closed up 6.96 per cent at Rs 262.70, was among the biggest gainers in the Sensex on Tuesday.
The scrip opened at Rs 246, went to a high of Rs 264.40, while the low for the day was Rs 243. Volumes in the counter were of the order of 53 lakh shares on the BSE and around 120 lakh shares on the NSE.
This recovery in the stock has taken place after five days when it was on a losing streak. Marketmen said that some foreign institutional investors were buying the stock at the low levels.
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The prospect of good results for the second quarter of the current fiscal, also spurred buying among some domestic institutions and mutual funds.
Steel prices have been going up and this is expected to reflect in the bottomline of the steel companies. Steel prices have gone up between a range of Rs 1500 to Rs 1800 per tonne.