Metal stocks in heavy demand; National Aluminium surges 6 pc, Tata Steel jumps over 4 pc

New Delhi, Sep 24 (PTI) Metal stocks were in the limelight on Tuesday after China announced a series of policy measures to support its economy and property market.

Shares of National Aluminium Company jumped 6.16 per cent, Tata Steel surged 4.29 per cent, Hindalco Industries soared 3.98 per cent, NMDC (3.90 per cent) and Vedanta (3.80 per cent) on the BSE.

The stock of SAIL climbed 3.20 per cent, Jindal Stainless (2 per cent), Jindal Steel (1.91 per cent) and JSW Steel (0.61 per cent).

China announced rate cuts and a raft of stimulus measures to help its economy and property market.

"The Chinese central bank's rate cut and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks," Vinod Nair, Head of Research at Geojit Financial Services, said.

Tracking rally in these firms, the BSE metal index jumped 2.78 per cent to 33,074.84.

"Metal stocks were in focus after China's central bank announced a series of policy measures to support the economy and the struggling property market," Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.

Deepak Jasani, Head of Retail Research at HDFC Securities, said, "Nifty Metal rose to hit a nearly two-month high on Tuesday, as risk appetite for metal stocks improved after China's central bank announced a slew of measures to boost the world's second-largest economy." PTI SUM SUM SHW