Metal stocks gain up to 4 pc on US-China trade deal optimism

Metal stocks on Friday gained up to 4 percent on optimism over the US-China trade deal. The scrip of Vedanta jumped 3.75 percent, Hindalco Industries rose 3.63 percent, Coal India Ltd gained 3.07 percent and Tata Steel rose 2.39 percent on the BSE.

Among others, Steel Authority of India Ltd went up by 2.01 percent, JSW Steel rose 1.13 percent, National Aluminium Company gained 0.69 percent, NMDC rose 0.35 percent and Hindustan Zinc went up 0.22 percent. Led by gains in these scrips, the BSE metal index closed 2.30 percent higher at 9,788.75.

Global markets surged after reports said that the US has finalized phase one trade deal with China. "The good news from the foreign shores pushed the benchmarks higher despite weak macroeconomic data. The news report on a possible trade deal between the US-China triggered gap-up start in the Nifty and then it moved from strength to strength till the end," Religare Broking Ltd VP (Research) Ajit Mishra said.