Metals add sheen on global price expectations

DALAL STREET SPIKES

Metal stocks perked up on firm international prices. Most metal stocks ended higher on strong buying support from institutional investors. Aluminium major National Aluminium (Nalco) was up 8.52 per cent to Rs 190.50 on continued buying on the counter. More than 7.45 lakh shares traded on BSE.

Similarly, Hindalco was up 3.14 per cent to Rs 1,445.50. Sharp surge in sector stocks pushed the BSE Metal index to a new high of 6938.64 in intra-day trades, gaining nearly 80 points at close.

Analysts said, metal stocks are trading higher as buying continued on hopes of a firm trend in the global metal prices. Domestically too the demand for metals is expected to remain strong on the back of the government's emphasis on infrastructure development.

Among others, Sesa Goa was up 2.5 per cent to Rs 875.65, Hind Zinc was up 1.1 per cent to Rs 184, while Essar Steel was up 1.5 per cent to close at Rs 51.75.