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 246.65BSE Quote2.15 (0.87%)
NSE 246.50NSE Quote3 (1.22%)
Tata Steel: Quotes, News
BSE 676.00BSE Quote2.95 (0.44%)
NSE 676.40NSE Quote3.5 (0.52%)
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
Story first published: Monday, November 24, 2014, 12:30 [IST]
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