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| Metals take Sensex above 12,000-mark |
| Bloomberg / May 08, 2009, 00:50 IST |
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Indian stocks On Thursday rose after Sterlite Industries (India) and Hindalco Industries led commodity producers higher after prices of the metals surged.
Sterlite, the nation's largest copper producer, jumped 13 per cent to its highest in eight months. Hindalco, the largest aluminum maker, added 11 percent. Tata Steel, the nation's largest maker of the alloy, added 8.7 per cent after sales last month climbed.
“Commodity stocks have outshined all other sectors On Thursday,” said Jayesh Shroff, who helps manage $5.5 billion in assets at SBI Asset Management Company in Mumbai. Metal prices have surged on hopes of an economic recovery in the second half of 2009, he added.
The Sensex rose 1.4 per cent to 12,116.94. The S&P CNX Nifty Index added 1.6 per cent to 3,683.90. ICICI Bank led financial companies higher after an assurance from US Treasury Secretary Timothy Geithner that none of the country's biggest banks were insolvent.
Sterlite gained 13 per cent to Rs 516.85, the highest since September 9. Hindalco jumped 11 per cent to Rs 70.25. Cairn India, a unit of the UK’s Cairn Energy Plc, rose 6.8 per cent to Rs 215.60.
Copper for delivery in three months rose as much as 2 per cent to $4,844 a metric tonne on the London Metal Exchange, the highest intraday price since April 16. Aluminum rose 1.9 per cent to $1,600 a tonne after touching $1,603.75, the highest intraday price since January 7.
Tata Steel gained 8.7 percent to Rs 294.35 and ICICI gained 1.8 per cent to Rs 549.30.
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