Shares of metal companies have surged more than 3% each after the U.S. Federal Reserve announced another aggressive stimulus plan to buy mortgage-related debt and other assets until the outlook for jobs improves.
Hindalco Industries, the largest gainer among metal pack, surged 6% to Rs 116 on the Bombay Stock Exchange (BSE).
Jindal Steel and Power has rallied 5%, Sterlite Industries and Tata Steel up 4% each, while Sesa Goa, Hindustan Zinc, Steel Authority of India and JSW Steel are trading higher in the range of 2-3%.
The BSE Metal index has surged 443 points or 3.8% against 398 points or 2.2% rise in benchmark Sensex at 1052 hours.
“The U.S. central bank said that it would buy $40 billion of mortgage debt per month and will continue to purchase those and other assets until the weak employment picture shows marked improvement,” the Reuters report suggests.
