Metal stocks shine; National Aluminium, NMDC rise 3%

Metal stocks soared on the stock exchanges on Friday amid reports that China will pump as much as $283 billion in fresh fiscal stimulus to boost its economy.

Shares of National Aluminium Company jumped 3.45 percent to ₹220.35, NMDC rose 2.81 percent, SAIL soared 2.42 percent, Hindalco Industries (2.33 percent), Jindal Steel (2.06 percent) and Vedanta (1.51 percent) on the BSE.

Also, the stock of Jindal Stainless Steel rose 0.97 percent, Tata Steel increased 0.94 percent, JSW Steel (0.92 percent), and Coal India (0.77 percent).

Tracking a rally in these firms, the BSE metal index jumped 1.81 percent to 33,835.03 extending the gains in the third straight session.

According to the reports, the Chinese government's stimulus package will aim at steering its economy through investment, particularly in real estate and infrastructure sectors.

Chinese Finance Minister Lan Fo'an will hold a briefing on Saturday to announce stimulus measures.

Last month, China's central bank announced a 50 basis points interest rate cut for the reserve requirement ratio for banks, resulting in more money entering into the system rather than banks saving it in their reserves.