Shares of twelve metal and mining companies gained 0.4 percent to 11.6 percent ahead of US President-elect Donald Trump's first full press conference later in the day that will give an initial insight into the new administration's economic policies.
Meanwhile, the S&P BSE Metal index was up 469.27 points or 4.36 percent at 11,222.43 and was the top performer among the sectoral indices on the BSE.
The Sensex was currently up 228.06 points or 0.9 percent at 27,133.60. The rise in the S&P BSE Metal index was higher than than Sensex's decline in percentage terms.
Jindal Steel & Power (JSPL) (up 11.6 percent), Vedanta (up 1.9 percent), Hindalco Industries (up 6.2 percent), JSW Steel (up 6.4 percent), Bhushan Steel (up 5.2 percent), Tata Steel (up 4 percent), Hindustan Zinc (up 2.3 percent), Steel Authority of India (Sail) (up 5.3 percent), National Aluminum Company (up 5.6 percent), NMDC (up 2.03 percent), MOIL (up 0.44 percent) and Hindustan Copper (up 0.9 percent) rose.
Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for March 2017 delivery was currently off 0.04 percent at $ 2.6115 per pound on the COMEX.
The BSE Metal index index had underperformed the market over the past 30 days till 10 January 2017, falling 1.2 percent compared with 1.45 percent rise in the Sensex. The index, however, outperformed the market in past one quarter, gaining 3.29 percent as against Sensex's 4.21 percent fall.
Marketmen are awaiting details on Donald Trump's plan for tax cuts and infrastructure spending. Executives from BHP Billiton, the world's biggest miner, reportedly met with President-elect Donald Trump for talks on the industry, as the incoming administration's pledges to boost infrastructure spending.
Metal stocks across the globe had advanced yesterday, 10 January 2017 after base metal prices jumped due to better-than-expected producer price inflation in China.
Please rate this news :
Login below to leave a comment:
Asian Market: Hang Seng down 0.6%