Shares of metal companies are in focus on the bourses by surging up to 6% as the dollar fell and weak Chinese data stoked hopes of monetary easing in the world's largest consumer of the industrial metal.
Hindalco Industries, Sesa Goa, Sterlite Industries, Coal India, JSW Steel, Tata Steel, NMDC, Jindal Steel and Power and Hindustan Zinc are trading higher by 3-6% on the Bombay Stock Exchange (BSE).
The BSE Metal index, the largest gainer among the sectoral indices, is up nearly 4% compared to 2% rise in benchmark Sensex at 1234 hours.
Monetary easing talks in China backed by a weak US dollar overseas are likely to support prices of base metals, says commodity analyst at Nirmal Bang.
An increase in China's copper imports raised expectations of stronger future demand for the metal while a weaker dollar added further support to gains, says Pranav Mer, senior analyst, M K Commodity Brokers.
China's copper shipments of refined metal, alloy and products increased by 5.9% to 379,951 metric tons in June from the previous month, as per Customs data. Imports of scrap copper were at 340,000 tons in June, down from 360,000 tons in May, analyst said in a report.
Among the individual stocks, Hindalco Industries has surged nearly 6% after its subsidiary Novelis Inc. raised the price of all automotive aluminum sheet products sold in Europe.
Sesa Goa has rallied 5% to Rs 149, followed by Sterlite Industries (up 4% at Rs 87) and JSW Steel (up 3% at Rs 613) on BSE.
Hindalco Industries, Sesa Goa, Sterlite Industries, Coal India, JSW Steel, Tata Steel, NMDC, Jindal Steel and Power and Hindustan Zinc are trading higher by 3-6% on the Bombay Stock Exchange (BSE).
The BSE Metal index, the largest gainer among the sectoral indices, is up nearly 4% compared to 2% rise in benchmark Sensex at 1234 hours.
Monetary easing talks in China backed by a weak US dollar overseas are likely to support prices of base metals, says commodity analyst at Nirmal Bang.
An increase in China's copper imports raised expectations of stronger future demand for the metal while a weaker dollar added further support to gains, says Pranav Mer, senior analyst, M K Commodity Brokers.
China's copper shipments of refined metal, alloy and products increased by 5.9% to 379,951 metric tons in June from the previous month, as per Customs data. Imports of scrap copper were at 340,000 tons in June, down from 360,000 tons in May, analyst said in a report.
Among the individual stocks, Hindalco Industries has surged nearly 6% after its subsidiary Novelis Inc. raised the price of all automotive aluminum sheet products sold in Europe.
Sesa Goa has rallied 5% to Rs 149, followed by Sterlite Industries (up 4% at Rs 87) and JSW Steel (up 3% at Rs 613) on BSE.
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