Metal shares jump on bargain hunting

Eleven metal shares rose by 0.46% to 3.94% at 11:25 IST on BSE on bargain hunting after a recent slide.

Hindalco Industries (up 3.94%), Vedanta (up 3.37%), National Aluminium Company (up 3.26%), Jindal Steel & Power (up 2.48%), NMDC (up 2.27%), Hindustan Copper (up 1.82%), Tata Steel (up 1.68%), Bhushan Steel (up 1.06%), Hindustan Zinc (up 0.68%), Steel Authority of India (up 0.65%) and JSW Steel (up 0.46%), edged higher.

The S&P BSE Metal index was up 172.66 points, or 1.54% at 11,415.25. It outperformed the S&P BSE Sensex, which was up 252.41 points, or 0.86% at 29,666.07.

The S&P BSE Metal index fell 6.02% in four trading sessions to settle at 11,242.59 yesterday, 17 April 2017, from its close of 11,962.89 on 10 April 2017.

The S&P BSE Metal index underperformed the market over the past one month till 17 April 2017, falling 5.33% compared with 0.79% decline in the Sensex. The index also underperformed the market in past one quarter, rising 0.75% as against Sensex's 8% rise.

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