Metal shares rally on LMEX soars 5%

Metal companies have rallied more 4% each on the bourses after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), soared 5% on Wednesday, encouraged by improved US consumer confidence and robust retail sales. LMEX had rallied 5% at 3,436 on November 30, 2011.

The metal index has rallied almost 5% or 477 points On the Bombay Stock Exchange (BSE) compared to 3% surge in the benchmark index Sensex.

Among individual stocks, Sterlite Industries rallied 8% to Rs 107, followed by Hindalco Industries (up 7%) Sesa Goa and Tata Steel, JSW Steel and SAIL (more than 5% each).