Metal stocks lead early gains
Tuesday, 28 September 2010
MUMBAI, Sept 27 (PTI): Shares of major metal companies rose by as much as 3 per cent in morning trade on the Bombay Stock Exchange (BSE) today, driven by speculation of a price hike during the peak festival season.
The rally was led by aluminium producer Hindalco, which surged by 3.4 per cent to touch a one-year high of Rs 197.40 on the BSE, becoming the top performer on the 30-share benchmark Sensex.
"The investor confidence is high in metal stocks as there is a buzz in the market that the metal companies may hike their product prices to cash in on the festive season," Ashika Brokers Research Head Paras Bothra said.
The rally was led by aluminium producer Hindalco, which surged by 3.4 per cent to touch a one-year high of Rs 197.40 on the BSE, becoming the top performer on the 30-share benchmark Sensex.
"The investor confidence is high in metal stocks as there is a buzz in the market that the metal companies may hike their product prices to cash in on the festive season," Ashika Brokers Research Head Paras Bothra said.