Metal stocks in limelight; gain up to 7 pc

Metal stocks jumped up to 7 per cent on Monday on hopes that the US and China may strike an early deal to break the logjam in their trade war negotiations.

Shares of Jindal Steel & Power zoomed 7.24 per cent, Tata Steel climbed 4.99 per cent, Hindalco Industries 4.81 per cent and National Aluminium Company 3.72 per cent on the.

Also, JSW Steel rose 3.58 per cent, NMDC 2.99 per cent, Vedanta 2.74 per cent, SAIL 2.59 per cent, Hindustan Zinc 1.08 per cent and Coal India Limited 0.85 per cent.

Led by gains in these scrips, the BSE metal index closed 3.34 per cent higher at 9,690.64.

"Signs of a cooling in rhetoric between the US and China has contributed to a resumption in foreign flows into India -- today's (Monday) market move is in line with similarly strong sentiment across Asian markets," S Hariharan, head (sales trading), Emkay Global Financial Services, said.

Easing of trade war tiffs may improve sentiment towards commodities.

In broader market, the 30-share BSE index closed 529.82 points higher at 40,889.23 -- its new closing peak.