Metal and mining stocks rise as Cabinet approves National Mineral Exploration Policy

Shares of ten metal and mining companies rose 0.17% to 5.24% at 10:39 IST on BSE after the Union Cabinet yesterday, 29 June 2016, approved the National Mineral Exploration Policy.

JSW Steel (up 0.17%), Bhushan Steel (up 5.24%), Vedanta (up 1.38%), Hindalco Industries (up 1.5%), Hindustan Zinc (up 1.78%), Jindal Steel & Power (up 0.17%), Tata Steel (up 1.47%), Steel Authority of India (Sail) (up 1.6%), National Aluminum Company (up 0.59%) and NMDC (up 1.18%) gained. Hindustan Copper fell 1.01%.

Meanwhile, the S&P BSE Metal index was up 72.23 points or 0.86% at 8,446.25. It outperformed the Sensex which was up 200.67 points or 0.75% at 26,941.06

The BSE Metal index index had outperformed the market over the past 30 days till 29 June 2016, rising 5.33% compared with Sensex's 0.27% gains. The index had also outperformed the market in past one quarter, advancing 11.05% as against Sensex's 5.52% rise.

The National Mineral Exploration Policy (NMEP) primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.

Meanwhile, copper prices rose in global commodities markets. High Grade Copper for September 2016 delivery was currently up 0.39% at $2.1945 per pound on the COMEX.

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