Metal socks surge on bargain hunting, Elite Investment Advisory

The metals stocks were on hot pursuits on bargain hunting. The BSE Metal index was up 172.66 pts, at 11,415.25, outperforming the BSE Sensex at 12:00 hours on BSE. Hindalco Industries rose 3.94%, Vedanta Ltd up 3.37%, National Aluminium Company rose up 3.26%. The other leading metals stocks gainers are Jindal Steel & Power, National Mineral Development Corporation, Hindustan Copper Ltd, Tata Steel Ltd, Bhushan Steel, Hindustan Zinc, Steel Authority of India and JSW Steel have edged higher in different dimensions. 

The BSE Metal index underperformed the market since one month, falling 5.3 percent compared with 0.79 per cent decline in the Sensex. The index also underperformed the market since the past one quarter, rising 0.75 per cent as against Sensex's 8 per cent rise.