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    Nifty Metal rose over 2% after progressive US-China trade talks

    Nifty Metal rose over 2% after progressive US-China trade talks

    Nifty Metal rose over 2% after progressive US-China trade talks
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    By Mousumi Paul   IST (Published)

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    The Nifty Metal remained one of the best-performing sectoral indices today.

    The Nifty Metal remained one of the best-performing sectoral indices today. At 1:50 PM, the index was higher by 2.32 percent at 3,041.10. The reason behind metal stocks’ rally is smooth trade talks between China and the US and expectations of improved demand.
    Shares of Tata Steel rose 3.75 percent, Steel Authority of India Ltd (SAIL) gained about 6 percent, JSW Steel surged 3 percent and Jindal Steel and Power advanced the highest by 10 percent intraday on Friday.
    In fact, the mood of the stock market has been really uplifted after China made its first move to re-initiate trade talks with the US on a range of issues.
    US treasury secretary Steven Mnuchin said the dinner with China was progressive. Also, US President Donald Trump yesterday tweeted, "We're doing very well with our trade talks with China, and our trade talks and other talks with other countries. Our country is doing great."
    Furthermore, in the past one month, steel stocks did not see witness an upsurge in momentum. Since March 1, Tata Steel has increased by only 3 percent, JSW Steel rose about 6 percent, SAIL gained 4 percent while Jindal Steel surged the highest by 12 percent.
    As per the technical charts, Jindal Steel has touched the 200-day moving average with heavy trading volume of 24 million shares.  Market participants are pushing the stock higher towards Rs 192 per share level.
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