Metal stocks jump, OMCs trip; Hindalco and Nalco stocks jump 9% each

Shares of metal companies buoyed on the back of the global commodity rally

The BSE Metal index surged 4.5 per cent, the most since January 23, as investors bet higher prices will boost earnings. Shares of Hindalco and Nalco jumped 9 per cent each and Vedanta gained 6.7 per cent. Steel makers JSW Steel and SAIL gained over 4 per cent each, while Tata Steel gained 3.2 per cent. Shares of oil marketing companies (OMCs) fell sharply as higher crude prices sparked fears of subsidy burden. Bharat Petroleum Corporation and Hindustan Petroleum Corporation fell 6.8 per cent and 5.8 per cent, respectively, while Indian Oil declined 4 per cent. 

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