Metal stocks surge, led by Lloyds Metals (up 6%) and Tata Steel (up 3%). Positive market sentiment driven by potential Fed rate cut.
Lloyds Metals and Energy jumped 6.14 per cent, Tata Steel climbed 3.40 per cent, National Aluminium Company (3.10 per cent), Jindal Stainless (2.87 per cent), Hindustan Zinc (2.18 per cent), Hindalco (1.85 per cent), JSW Steel (1.58 per cent), Vedanta (1.30 per cent), Jindal Steel (1.23 per cent) and APL Apollo Tubes (0.20 per cent).
The BSE metal index edged higher by 1.85 per cent to settle at 34,048.62.
In the equity market, the 30-share BSE Sensex climbed 223.86 points or 0.28 per cent to settle at 81,207.17. The 50-share NSE Nifty edged higher by 57.95 points or 0.23 per cent 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, said.