More

    Metal stocks defy sell-off. NMDC, Vedanta rally up to 5%

    Finance
    3



    [

    Metal stocks like NMDC, Vedanta and SAIL among others surged up to 5% in today’s intraday session, defying the broader market sentiment, still supported by China’s stimulus measures.

    Shares of NMDC surged 5% to day’s high of Rs 247 while NMDC Steel shares went up by 4.5% to Rs 55.22. Vedanta’s shares jumped 2% to its new all-time high of Rs 523.60 and SAIL shares gained 2.5% to Rs 143.95. Meanwhile, shares of National Aluminium zoomed 2.3% to Rs 211.75.

    The China Central Bank Governor Pan Gongsheng, earlier last week had announced plans to lower borrowing costs and inject more liquidity into the economy while also announcing that the reserve requirement ratios (RRR), the percentage of cash banks are required to hold as reserves, was cut by 50 basis points (bps), later in the week.

    The world’s second-largest economy is the largest consumer of metals and moves to spur economic activity are seen as a positive for commodities and the news of China slashing interest rates on outstanding mortgages to boost consumption has led to an uptick in metal stocks.

    The move took place alongside cuts in several key interest rates and measures supporting capital markets aimed at stimulating economic activity amid persistent deflationary pressures.

    Growfast


    Also read: BEL shares under spotlight after government nod for JV with Israel Aerospace Industries

    The Chinese policy adjustments followed the U.S. Federal Reserve’s substantial rate cut last week, a move that many analysts believe gives the People’s Bank of China (PBOC) greater flexibility to ease monetary conditions. This approach allows China to stimulate its economy while minimizing downward pressure on the yuan, as global monetary dynamics shift in response to the Fed’s actions.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

    https://img.etimg.com/thumb/msid-113804500,width-1200,height-630,imgsize-65244,overlay-etmarkets/photo.jpg
    https://economictimes.indiatimes.com/markets/stocks/news/metal-stocks-defy-sell-off-nmdc-vedanta-rally-up-to-5/articleshow/113804297.cms

    Montather Rassoul
    Montather Rassoulhttps://thefifthskill.com/

    Latest articles

    spot_imgspot_img
    Previous article
    Etsy's SWOT analysis: stock faces growth challenges amid strategic shifts
    Next article
    biotech stock’s pipeline potential amid challenges By Investing.com

    Related articles

    spot_imgspot_img

    Popular articles

    Featured

    Newsletter

    Subscribe to get the latest news, offers and special announcements.

    By subscribing, you're accepting to receive promotions.

    © Copyright - Newspaper WordPress Theme by TagDiv