Nifty Metal index hits record high as fresh China stimulus drives rally

Welspun

30/09/2024 11:13

** India's Nifty Metal index  .NIFTYMET  rises as much as
1.98% to record high of 10,263.65
    ** NIFTYMET set to gain for seventh straight session
    ** NMDC  NMDC.NS , Welspun Corporation  WGSR.NS , APL Apollo
Tubes  APLA.NS  lead pct gains in index, rising 3.8%, 3.2% and
2.5%, respectively
    ** Index heavyweights Tata Steel  TISC.NS  up 1.1%, JSW
Steel  JSTL.NS  rises 2.5% and Hindalco  HALC.NS  adds 1.2%
    ** Index boosted by higher global metal prices and China's
planned stimulus to boost its economy  MET/L 
    ** Stocks rising on hopes that China stimulus will increase
demand and add profit margins for Indian metal cos
    ** Index up ~8% since China announced stimulus
    ** NIFTYMET up ~28% YTD vs ~19% gains in NIFTY 50 Index
 .NSEI 

 (Reporting by Vijay Malkar)
 ((VijayDattaram.Malkar@thomsonreuters.com;))