Steel stocks in focus; Tata Steel, SAIL rally 5% on healthy outlook

Tata Steel partly-paid up shares were locked in the 10 per cent upper circuit at Rs 80.90, which was also its 52-week high on the BSE

Shares of steel companies were in focus on Wednesday with Tata Steel and Steel Authority of India (SAIL) rallying 5 per cent on the BSE in the intra-day deals in an otherwise range-bound market on expectation of steady domestic steel production and consumption going forward.

At 01:45 pm, the S&P BSE Metal index was up 2.3 per cent as compared to a 0.09 per cent decline in the S&P BSE Sensex. Hindustan Zinc, Hindalco Industries, JSW Steel, Vedanta and Jindal Steel and Power (JSPL) were up in the range of 1 per cent to 3 per cent.

Recently, rating agency CARE said