By Rutam Vora
Indian equities showed mixed trend in the opening trade on Tuesday, June 15, 2010 as the metal stocks posted gains amid weakness on the key benchmark index, Sensex that fell marginally at the initial trading hour.
Sectoral index on the Bombay Stock Exchange (BSE), BSE Metals gained over 1% with lead taken by metal stocks like NMDC Ltd (BOM:526371), which gained the most, over 2.5% among other metal stocks. Sterlite Industries India Ltd (BOM:500900) too posted handsome gains of over 2% in the initial trading hours on the BSE today.
The rally in the metal stocks was mainly attributed to the increased buoyancy from buyers. However, Three-month copper on the London Metal Exchange (LME) had fallen as much as 1% to $6,594.75 per metric tonne, before trading at $6,619.75. Copper prices had been on the rise for the longest gain since January. This was mainly on the investors’ optimism for China’s upbeat demand. September-delivery copper in New York Mercantile Exchange (NYMEX) had dropped as much as 1% to $2.9830 per pound. (Commodity Online)
