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.
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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