Metal stocks rebound; gain up to 8.6%

Metal stocks, which were badly beaten in the past two trading sessions, scripted a smart recovery, surging as much as 8.6 per cent, on value-buying.
Shares of Prakash Industries climbed 8.58 per cent, while Hindalco Industries gained 5.25 per cent and Jindal Steel & Power Ltd surged 5.20 per cent on the BSE.
Hindalco was also the top gainer among the 30-Sensex stocks.
Among others, NMDC was up 3.81 per cent, Monnet Ispat (3.49 per cent), Tata Steel (3.10 per cent) and Hindustan Zinc (2.09 per cent).
Led by the gains in these stocks, the BSE metal index ended 2.49 per cent higher at 11,649.26.

Marketmen said that value buying at lower levels pushed these stocks higher in trade today.
These stocks had witnessed massive selling in last two days after the Supreme Court quashed allocation of 214 out of 218 coal blocks alloted to various companies since 1993 terming it as "fatally flawed" and allowed the Centre to take over operation of 42 such blocks which are functional.
Meanwhile, the broader market was also firm with the benchmark Sensex gaining 157.96 points to end at 26,626.32.