Metal shares climb on bargain hunting

Shares of metal companies rose across the board on value buying after a recent steep fall.

NMDC (up 5.92%), Tata Steel (up 4.47%), Hindustan Copper (up 4.46%), Steel Authority of India (up 3.13%), Hindustan Zinc (up 2.83%), Jindal Steel & Power (up 2.47%), Hindalco Industries (up 1.68%), Vedanta (up 1.59%), National Aluminium Company (up 1.24%) and JSW Steel (up 0.35%) advanced.

The S&P BSE Metal index was up 2.40% at 8,592.63. It outperformed the Sensex, which was up 0.45% at 37,661.22.

The S&P BSE Metal index underperformed the market over the past one month, sliding 14.73% compared with 0.58% fall in the Sensex. The index also underperformed the market in past one year, slumping 35.86% as against Sensex's 2.67% decline.

 

The recent fall in metal shares was triggered by escalating China-US trade war, which could trigger a worldwide economic slowdown and undermine metals usage. China is the world's top consumer of industrial metals.

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