Metal stocks remained in the spotlight on Friday, with Lloyds Metals rising over 6 percent, assisting the wider equity market end in the favorable area.
Lloyds Metals and Energy leapt 6.14 percent, Tata Steel climbed up 3.40 percent, National Aluminium Company (3.10 percent), Jindal Stainless (2.87 percent), Hindustan Zinc (2.18 percent), Hindalco (1.85 percent), JSW Steel (1.58 percent), Vedanta (1.30 percent), Jindal Steel (1.23 percent) and APL Apollo Tubes (0.20 percent).
The BSE metal index edged greater by 1.85 percent to settle at 34,048.62.
In the equity market, the 30-share BSE Sensex climbed up 223.86 points or 0.28 percent to settle at 81,207.17. The 50-share NSE Nifty edged greater by 57.95 points or 0.23 percent to 24,894.25.
“After a period of range-bound trading, the market closed on a positive note, supported by gains in metal and consumer durables stocks. Optimism over a potential Federal Reserve rate cut in October, a weakening dollar, and stable base metal prices drove the rally in metal indices,” Vinod Nair, Head of Research – Geojit Investments Limited, stated.
