Metal stocks rallied in early trade after the People’s Bank of China (PBOC) announced a 50 basis points cut in the reserve requirement ratio (RRR) for banks, aimed at boosting liquidity and stimulating economic growth. The market responded positively, with several major steel and metal companies showing strong gains by 9:26 AM.
- Tata Steel saw a rise of 1.96%, trading at ₹157.01, with a day’s high of ₹157.19.
- JSW Steel surged 1.62%, hitting ₹998.00, just below its 52-week high, with a high of ₹1,009.80 during the session.
- Hindalco gained 1.48%, trading at ₹700.75, with an intraday high of ₹705.45.
The move by the PBOC is expected to ease credit conditions and support demand for raw materials, which could benefit steel and metal companies that rely on strong industrial growth from China, a major global consumer of metals.
