Shares of metal companies were in focus with most of the frontline stocks trading higher by up to 5% after a strong rally in global commodity prices, mainly in metals.
The S&P BSE Metal index (up 1.71%), and Nifty Metal index (up 1.65) were the top sectoral gainers on BSE and NSE, rising nearly 2%. On comparison, the S&P BSE Sensex and Nifty 50 index, up 0.3% at 10:52 am.
Hindalco Industries, Jindal Steel & Power, JSW Steel and Vedanta from the metal index were up in the range of 1% to 5%, trading at 52-week highs.
LMEX, a gauge of six metals traded on the London Metal Exchange (LME), hit an over two-year high on Tuesday, July 25, 2017. LMEX gained 3.5% in past three trading sessions from 2,848 on July 20, to 2,948 yesterday, its highest level since May 2015 on LME.
Copper prices hit their highest in more than two years, boosted by signs of demand from China and a weak dollar. Copper on the LME ended up 3.3% at $6,225/tonne, having earlier touched $6,234.50/tonne, its highest since May 2015, Reuters report suggest. CLICK HERE FOR FULL REPORT
Vedanta rose 3.3% at Rs 283 on BSE in intra-day trade, extending its previous day’s 4% gain, after the company reported a doubling of quarterly consolidated profit at Rs 1,525 crore, as higher zinc prices helped the company to reap improved margins.
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