BSE Metal index shines; Tata Steel, JSW Steel contribute most to the index gains

DSIJ Intelligence / 17 May 2017

BSE Metal index shines; Tata Steel, JSW Steel contribute most to the index gains

Tata Steel is the top index gainer and along with JSW Steel is contributing almost 60 per cent to the index gains.

BSE metal index is up by 1.67 per cent or 187 points at 11449.4 levels. Metal stocks are seen outperforming the broader markets on Wednesday with Tata Steel leading the index gains.

Tata Steel is the top index gainer and along with JSW Steel is contributing almost 60 per cent to the index gains.

Tata steel is up by nearly 5 per cent, JSW Steel is up by 2.4 per cent, Jindal Steel is up by 1.6 per cent, Vedanta Ltd is up by 1.4 per cent, Hindalco is up by 1.09 per cent, SAIL is up by 1.06 per cent, Hindustan Zinc is up by 0.89 per cent, Coal India is up by 0.47 per cent and NMDC is up by 0.2 per cent.

Tata declared its Q4 results in post hours markets on Tuesday and surprised the markets with losses incurred due to one-time settlement for pension scheme in U.K.

The one-time settlement now facilitates the sale of U.K assets for Tata Steel and this development is sentimentally positive for Tata Steel.

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