Shares of metal companies are in demand, trading higher by up to 5%, on account of positive economic data from China.
Tata Steel, Hindalco Industries, Jindal Steel and Power, Sterlite Industries, NMDC, Sesa Goa, JSW Steel and SAIL are up in between 2-5% on the Bombay Stock Exchange (BSE).
The BSE Metal index, the largest gainer among sectoral indices, was up 3.3% or 224 points as compared to 0.48% or 90 points rise in benchmark S&P BSE Sensex at 1059 hours.
Industrial metals prices rose to its highest in two months on Friday after upbeat Chinese factory data added to signs of steadying growth in the world's top consumer of metals.
China’s factory production increased 9.7% in July from a year earlier, the National Bureau of Statistics said on Friday. China is the world's largest consumer of copper and aluminum.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), rose over 1.6% at 3,148.80 on Friday, its highest closing level since June 6. The index has rallied 4.2% in pat three trading sessions.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), rose over 1.6% at 3,148.80 on Friday, its highest closing level since June 6. The index has rallied 4.2% in pat three trading sessions.
Among the individual stocks, Tata Steel has surged 6% to Rs 232, followed by Jindal Steel and Power (4.4% at Rs 216), Sterlite Industries (3.9% at Rs 79.25) and Sesa Goa (3.5% at Rs 136).
