Metal Stocks Surge as China Announces Major Fiscal Stimulus

Metal stocks experienced significant gains on stock exchanges following China's announcement of a USD 283 billion fiscal stimulus to bolster its economy. Major players like National Aluminium Company, NMDC, and SAIL saw notable stock price increases. The BSE metal index also saw a 1.81% rise amidst this rally.

In a remarkable turn of events on Friday, metal stocks surged on stock exchanges following reports of China's massive USD 283 billion fiscal stimulus designed to revitalize its economy.

National Aluminium Company led the charge with a 3.45% rise, followed by NMDC at 2.81%, and SAIL at 2.42%. Other notable gains included Hindalco Industries at 2.33% and Jindal Steel at 2.06% on the BSE.

The announcement has driven the BSE metal index up by 1.81%, marking a third consecutive session of gains, as Chinese authorities prepare to inject funds into real estate and infrastructure, which are expected to benefit from the stimulus.

(With inputs from agencies.)