Metal stocks advanced after the US and China moved toward striking a trade deal to avert a new round of tariffs.
The Nifty Metal index was trading 1.53% higher at 2,608.05 extending its gains for second consecutive session. The index has gained 3.93% in two trading sessions.
Vedanta (up 3.51%), Hindustan Copper (up 3.07%), Hindalco Industries (up 2.73%), Tata Steel (up 1.49%), Steel Authority of India (up 1.38%), National Aluminium Company (up 0.81%), JSW Steel (up 0.39%) and Hindustan Zinc (up 0.27%) were top gainers in metal segment.
The United States on Thursday agreed to reduce tariffs on Chinese goods and delay a tranche of tariffs that were slated to go into effect on 15 December 2019, as part of a "phase one" trade deal.
The Sino-US trade row has led to fears that demand for industrial metals will be affected, weighing on global prices.
The Nifty Metal index has slumped 16.25% in last one year as compared to a 11.91% rise in benchmark Nifty 50 index.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content