Metal Stocks Rally as China Rate Cut Boosts Sentiments

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Metal stocks on the exchanges rallied after China last week cut interest rates. Hindalco was trading higher by 4 per cent, while Jindal Steel jumped almost 5 per cent and Tata Steel was up 3 per cent. Sesa Sterlite also gained ground in trade.

Metal Stocks Rally as China Rate Cut Boosts Sentiments
Hindalco Industries: Quotes, News
BSE 178.90BSE Quote4.05 (2.26%)
NSE 179.20NSE Quote4.15 (2.32%)
Tata Steel: Quotes, News
BSE 431.55BSE Quote19.05 (4.41%)
NSE 431.30NSE Quote19.4 (4.50%)
China late last week unexpectedly cut interest rates, which pushed stocks and commodity higher. Metal stocks tend to react to data and decision from China, which is a major consumer of commodities.

Analysts say the rally in metal stocks may continue for some more time as investors digest news of the cut in interest rates.

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Read more about: hindalco, tata steel
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