Steel scrips move north on price rise buzz

DALAL STREET SPIKES

Steel sector stocks witnessed a rally in rather subdued market on expectations of a rise in product prices and an increase in steel demand from greater infrastructure spending by the government.

Market sources said, there was buying interest from select funds in steel sector stocks in Monday's trading. Steel major Tata Steel was up 0.57 per cent to Rs 399.30, while SAIL ended flat at Rs 64.65.

Other steel stocks that were in limelight were Jindal Vijaynagar Steel up 6.49 per cent to Rs 18.05, Essar Steel, up 5.99 per cent to Rs 45.10, Jindal Iron, up 5.09 per cent to Rs 380.75 and Ispat Industries, up 2.34 per cent to Rs 26.20.

An institutional dealer said, the commodity cycle in on an upswing, resulting renewed buying interest among the institutional investors.

Even concerns of demand from China slowing down has eased out resulting in renewed buying in steel sector stocks, analysts added.