Hindustan Zinc keeps the metal index moving
DSIJ Intelligence / 28 Nov 2016
The markets on November 25 opened timid over uncertainties that demonetisation created. Icing on the cake was panic when RBI announced that it has increased CRR to 100 per cent. Hindustan Zinc has emerged as the stock on November 28 which many traders have bet on.
The markets on November 25 opened timid over uncertainties that demonetisation created. Icing on the cake was panic when RBI announced that it has increased CRR to 100 per cent. With the Bankex down 263 points and the markets trading with low volumes, Hindustan Zinc has emerged as the stock on November 28 which many traders have bet on.
Hindustan Zinc which previously closed at Rs 272.95 on Friday, on November 28 opened at Rs 276 and as at 10.18 am is trading at Rs 282.80, up by 4 per cent. The metal stocks are seeing a continuous uptick as the orders for business equipments in US has improved. However, the rise is largely on the optimism which the sector has created. The BSE metal index on YoY basis has surged by 45 per cent. According to some media reports, rising demand from consumer industries on the domestic spot market are supporting metal prices.
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