The Nifty Metal index gained over 1% in the late morning trade on Monday’s session. Tata Steel stock surged 3% on the Nifty Metal index, followed by Hindalco, MOIL, JSW Steel and Jindal Steel, which were up in the range of 1-2% respectively.
Vedanta, NALCO, Hindustan Zinc and NMDC stocks are also up by 1% each, however, shares of Welspun Corp and Coal India were down in today’s trade.
On the international front, China's industrial production was up 4.7% yoy in October and value of delivered industrial exports fell 3.8% yoy in October, recording third straight month of declines, as per National Bureau of Statistics data.
Further, China's central bank unexpectedly trimmed a key interbank lending rate, the first easing in the liquidity tool in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth. The People's Bank of China (PBOC) said on its website that it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%, the media report said.
Meanwhile, London copper rose on hopes of a Sino-US trade deal kept investor optimism afloat, underpinning prices.
The BSE Sensex fell by 106 points at 40,250 and the Nifty slipped by 24 points at 11,872, below 11,900-level.
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