Metal stocks continued their upward trend for the fifth consecutive session on Thursday, supported by a weaker US dollar that boosted investor sentiment.
The Nifty Metal index rose nearly 1 percent during the day and has gained around 4 percent over the last five sessions.
A weaker dollar improves global demand for commodities, like metals, which in turn benefits Indian metal companies through higher export opportunities and better pricing.
Metal index rose 1%, helped by a weaker dollar, which makes the greenback-denominated assets more affordable to holders of other currencies.
Steel Authority of India (SAIL) was the top performer on the index, rising 3 percent to Rs 131.74 on the NSE.
Jindal Stainless and Jindal Steel & Power advanced up to 2 per cent each.
Other major gainers included Hindalco Industries, Tata Steel and Vedanta, which rose more than 1 per cent during the session.
Meanwhile, the benchmark equity indices also extended their gains for the third consecutive session on Thursday, with the Sensex rising over 600 points and the Nifty hitting a 9-month high, supported by positive global cues and easing geopolitical tensions.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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