Metals add sheen on better Q3, price hopes

DALAL STREET SPIKES

Metal sector stocks were in limelight on strong quarterly results and expectation of further hike in commodity prices. The rally was largely lead by steel sector stocks.

The BSE Metal index was up 2.21 per cent or 125 points to 5,791 in Tuesday's trading with steel stocks witnessing renewed buying. Tata Steel stock was up 2.11 per cent to Rs 268, Essar Steel spurted 9.69 per cent to Rs 34.

Other steel companies such as Mukand Steel, Uttam Galvanised, Monnet Ispat and Kirlolskar Ferrous moved up in a range of 4-5 per cent.

Market sources suggested, there has been aggressive buying in commodity stock in anticipation of rise in prices. Fund-based buying was witnessed in metal stocks in Tuesday's trading, dealers added.