 "Metal shares extend rally; Vedanta surges over 10%")
Shares of metal companies continued trading higher for six straight trading days with CNX Metal index rising more than 10% on the back of surge in global commodity prices.
Vedanta, Jindal Steel and Power and Hindalco Industries were trading higher by more than 5% each, while NMDC, Tata Steel, Bhushan Steel and Steel Authority of India (SAIL) up 2%-4% on the National Stock Exchange (NSE). Most of these stocks have rallied in the range of 10% to 35% in past six trading days.
At 12:27 pm, CNX Metal index was up 3.6% at 1,903 compared to 0.01% rise in the CNX Nifty at 8,191. In past six trading days, the metal index surged 15% against 3% rise in the benchmark index.
The LMEX index of six main metals rallied 3.9% on Friday, recorded its highest single day gain in past more than two years, on the London Metal Exchange (LME). Earlier, on May 3, 2013, the index had rallied 5.23%, the Bloomberg data shows.
Among the individual stocks, Vedanta has soared 11% to Rs 115, extending its 24% surge in past five trading days on the NSE.
Hindalco up 8% to Rs 91, followed by Jindal Steel & Power (5% at Rs 73), NMDC (up 4% at Rs 100), Tata Steel (3% at Rs 259) and SAIL (2% at Rs 57).
Vedanta, Jindal Steel and Power and Hindalco Industries were trading higher by more than 5% each, while NMDC, Tata Steel, Bhushan Steel and Steel Authority of India (SAIL) up 2%-4% on the National Stock Exchange (NSE). Most of these stocks have rallied in the range of 10% to 35% in past six trading days.
At 12:27 pm, CNX Metal index was up 3.6% at 1,903 compared to 0.01% rise in the CNX Nifty at 8,191. In past six trading days, the metal index surged 15% against 3% rise in the benchmark index.
The LMEX index of six main metals rallied 3.9% on Friday, recorded its highest single day gain in past more than two years, on the London Metal Exchange (LME). Earlier, on May 3, 2013, the index had rallied 5.23%, the Bloomberg data shows.
Among the individual stocks, Vedanta has soared 11% to Rs 115, extending its 24% surge in past five trading days on the NSE.
Hindalco up 8% to Rs 91, followed by Jindal Steel & Power (5% at Rs 73), NMDC (up 4% at Rs 100), Tata Steel (3% at Rs 259) and SAIL (2% at Rs 57).
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