Metal stocks rally on China reform hopes

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, November 19, 2013, 11:41 [IST]

Metal stocks rallied for a second day in a row on hopes that economic reforms in China would boost demand.

On Monday China released a blueprint that will guide economic reforms in the country over the next decade. Metal stocks that rallied in trade today were Hindalco which jumped more then 3 per cent, while Jindal Steel also rose 2 per cent.

Tata Steel was trading lower after some profit booking in the counter after Monday's sharp rally.

After years of robust expansion, China's economy is witnessing slower growth, and the country has been under pressure to address issues that threaten further development and social stability.

Large scale metal demand comes from China which has been witnessing robust economic activity. This has given a boost to metal stocks in trade today.

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