NIFTY Metal index surges 3% led by gains in Jindal Stainless, Tata Steel, Hindalco

Metal stocks surged on Thursday, propelling the NIFTY Metal index to the top of the sectoral gainers' list. The index soared 2.98% or 260 points to hit an intraday high of 8,944.75, its best single-day rally in nearly eight months. The last time the index posted such gains was on July 26, 2024, according to National Stock Exchange data.

Speculation had been rife that China could slash up to 50 million tonnes of steel output annually. Premier Li Qiang, addressing the opening of China's annual parliamentary meeting, acknowledged global economic turbulence, setting a 5% GDP growth target for 2025 and expanding the country’s budget deficit to around 4%.

All the 15 shares in the NIFTY Metal index were trading higher led by Jindal Stainless' 6.43% gain. Hindalco (3.83%), Vedanta (3.73%), Tata Steel (3.71%), Welspun Corp (3.62%), Ratnamani Metals (3.49%), Hindustan Copper (3.38%) and Jindal Steel (3.07%) were also among the gainers.

Metal stocks have outperformed the NIFTY50 index as the index has so far this year advanced 3% as against 5.5% fall in the NIFTY50 index, data from the National Stock Exchange showed.