Metal stocks gather pace; surge as much as 10% on value-buying

Metal stocks hogged the limelight today, surging as much as 10 per cent on value-buying at lower levels after witnessing huge selling recently.
Shares of Hindalco Industries soared 9.64 per cent, Vedanta Ltd gained 5.83 per cent and Tata Steel was up 4.25 per cent on BSE.
Hindalco, Vedanta and Tata Steel were the top three gainers on the Sensex.
Among others, Steel Authority of India Ltd rose by 4.06 per cent, Hindustan Zinc (3.21 pc), National Aluminium Company Ltd (1.40 pc), JSW Steel (1.29 pc), Coal India Ltd (1.06 pc) and NMDC (0.74 pc).
Led by gains in these scrips, the metal index rose by 2.76 per cent to settle at 7,342.28.

"Much to market surprise, underperformers like metal witnessed strong recovery," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
Metal stocks were on the backfoot amid downturn in China, the biggest consumer of commodities, and depressed commodity prices the world over.
Overall, the BSE benchmark Sensex ended with a gain of 102.97 points at 27,035.85.