Nine metal shares gained by 1.04% to 3.38% at 12:43 IST on BSE after US aluminum giant Alcoa Inc. on Monday reported a nearly 60% jump in profits in Q1 March 2013 helped by strong demand for aluminum used to make airplanes and automobiles.
Jindal Steel & Power (up 3.38%), Steel Authority of India (Sail) (up 1.05%), JSW Steel (up 2.14%), Sterlite Industries (India) (up 1.77%), Sesa Goa (up 1.88%), Hindalco Industries (up 1.32%), Tata Steel (up 2.02%), National Aluminium Company (up 1.04%), and Hindustan Zinc (up 1.99%) edged higher.
The BSE Metal index was up 1.65% at 8,606.73. It outperformed the Sensex, which was up 0.51% at 18,532.14.
The BSE Metal index had underperformed the market over the past one month till 8 April 2013, sliding 10.49% compared with the Sensex's 6.33% fall. The index had also underperformed the market in past one quarter, declining 24.98% as against Sensex's 6.61% fall.
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