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 171.45BSE Quote4.35 (2.54%)
NSE 171.65NSE Quote4.45 (2.59%)
Tata Steel: Quotes, News
BSE 454.60BSE Quote12.5 (2.75%)
NSE 454.50NSE Quote12.65 (2.78%)
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.

Read more about: hindalco, tata steel
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