Metal stocks rose in tandem with the broader market, on optimism over a trade deal between the US and China ahead of a tariff hike deadline. At 11:41 am, shares of Vedanta Ltd traded over 3 per cent higher at Rs 148.20 apiece. Hindalco was up 2.8 per cent, Tata Steel rose 2 per cent, Jindal Steel gained 1.3 per cent and JSW Steel was 1.5 per cent higher. The BSE Metal Index rose 2 per cent to 9,759.50 points, while the BSE Sensex was up 0.7 per cent at 40.889.96 points.
The US and China have been locked in a tariff war for about 18 months now, which has had a telling effect on the world economy. The trade war between the two largest economies has hit global growth and dampened profits and investment for companies around the world.
Read EquityPandit’s Nifty Outlook for the Week