Eleven metal shares rose by 2.21% to 6.69% at 14:30 IST on BSE after investors' sentiment toward China took a positive turn.
Vedanta (up 6.69%), Hindalco Industries (up 6.18%), NMDC (up 5.24%), Hindustan Zinc (up 4.78%), Steel Authority of India (up 4.44%), JSW Steel (up 4.28%), Tata Steel (up 4.28%), Bhushan Steel (up 4.11%), Hindustan Copper (up 3.90%), Jindal Steel & Power (up 3.14%) and National Aluminium Company (up 2.21%), edged higher.
The S&P BSE Metal index was up 3.49% at 7,362.50. It outperformed the S&P BSE Sensex, which was up 336.92 points, or 1.33% at 25,654.79.
The stock had underperformed the market over the past one month till 8 September 2015, sliding 17.97% compared with 10.34% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 23.46% as against Sensex's 4.54% decline.
China's finance ministry said on Tuesday, 8 September 2015, that the country would roll out a more forceful fiscal policy to stimulate economic growth. The Ministry of Finance said in a statement that it would allocate additional funds to finance infrastructure projects, implement tax cuts for small businesses and accelerate the use of the public-private-partnership model to stimulate economic growth.
China is the world's largest consumer of steel, copper and aluminum.
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