BSE Metal index rises over 3 per cent, crosses pre-demonetisation levels

Metal index were the flavour of the day today as all the metal stocks traded higher, some even crossing their pre-demonetisation levels. The Metal index saw a secular run, courtesy strong global cues, especially those emanating out of China.

Metals were a turnaround story in 2016, and continuing with the trend in the medium term, the sector looks positive from both the domestic and exports point of view, given the thrust that the current government is giving on building infrastructure in the country.

The strong PMI data from China has also led to a upmove in the metals stock as the country is the world largest consumer of metals.

Post demonetisation on November 8, the BSE Metal index slipped close to 8 per cent due to the shock the industry faced after the sudden announcement. 

However, since then, the metal index has been on a consolidation trajectory and seems to have gotten its mojo back and looks ready to claim newer highs in the coming months.

Biggest Gainers: -

JSW Steel- CMP- Rs 174 (up 6.75 %)

Jindal Steel- CMP- Rs 75.50 (up 6 %)

Vedanta- CMP- Rs 227.05 (up 4.90 %)

Hindustan Zinc- CMP- Rs 262.25 (up 4.40 %)

Tata Steel- CMP- Rs 420.30 (up 3.75 %)