Metal stocks are hot again!

Select metal stocks were back in the limelight as investors bought into beaten down valuations in the sector that has seen some of the heaviest selling pressure over the last fortnight mainly due to global reasons.

Vedanta was the top gainer on the Nifty, the stock surging 7.10 rupees, or 5.1 percent, to 146 rupees on heavy volumes of 67 lakh shares. Its futures also posted the sharpest gain -- 4.8 percent -- in derivatives trade. Vedanta and other metal companies such as SAIL, Tata Steel, NMDC etc are in an intense bear grip as global prices of metals collapse and demand remains tepid.

Vedanta has plunged 24 percent in 1 month compared with a 6.2 percent drop in the BSE Metals Index.

Other stocks in this space that are posting gains today are Bhushan Steel, Jindal Saw and Hindalco.


(Image credits: moneycontrol)