Metal stocks surge amid bullish Chinese factory data

Metal stocks led by Tata Steel and Sesa Sterlite (SSLT) today posted smart gains of up to 7 per cent as sentiment turned bullish after strong Chinese factory output data.
Tata Steel jumped 6.97 per cent during the day to hit 52-week high of Rs 527.15. It settled at Rs 525.75, up 6.69 per cent on BSE.
Sesa Sterlite, which hit 52-week high of Rs 299.50, ended at Rs 297.90, up 6.53 per cent. Jindal Steel and Power also hit 52-week high of Rs 325.90 and settled at Rs 321.85, up 3.26 per cent.
Orissa Minerals Development Company touched its 52-week high level Rs 4,775 today. At close, the stock was trading at Rs 4619. 15, up 4.70 per cent on BSE.

Among others Hindalco Industries gained 3.33 per cent, JSW steel by 3.98 per cent, NMDC rose by 2.70 per cent and Bhushan Steel by 0.61 per cent.
Metal stocks gained on the back of reports that China registered its fastest growth in manufacturing last month, which in turn kindled expectations that metals would be in greater demand, market experts said.

The Chinese HSBC Manufacturing PMI index, which is based on a survey of factory purchasing managers, climbed to 49.4 in May from 48.1 in April.
Tracking the gains in these stocks, the BSE metal index closed 5.06 per cent up at 13,155.30, registering the highest gain among the 13 sectoral indices.

Meanwhile, in the broader market the BSE Sensex ended at 24,858.59, up 173.74 points or 0.70 per cent.