Nine metal and mining stocks rose 0.44%% to 3.92% at 10:20 IST on BSE after China on Friday, 21 November 2014, cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy.
Steel Authority of India (up 3.69%), Jindal Steel & Power (up 3.92%), Hindalco Industries (up 3.28%), Tata Steel (up 2.16%), Sesa Sterlite (up 2.24%), JSW Steel (up 2.09%), Hindustan Zinc (up 1.68%), Bhushan Steel (up 0.44%), and NMDC (up 1.03%) edged higher.
Meanwhile, the S&P BSE Sensex was up 86.12 points or 0.3% at 28,420.75.
The BSE Metal index had underperformed the market over the past one month till 21 November 2014, sliding 0.75% compared with the Sensex's 6.62% rise. The index had also underperformed the market in past one quarter, declining 13.28% as against Sensex's 7.49% rise.
China cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy. The one-year lending rate was reduced by 0.4 percentage point to 5.6%, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75%, the People's Bank of China said on 21 November 2014.
China is the world's largest consumer of copper, steel, and aluminium.
Powered by Capital Market - Live News