The Nifty metal and BSE metal indexes reached new highs in early trade today, showing that metal equities withstood the market meltdown. JSW Steel and Tata Steel were two of the top gainers on the Sensex. JSW Steel's stock rose 2.52% from the previous closing on the BSE of Rs 1001.75 to a record high of Rs 1,027. JSW Steel's market value increased to Rs 2.5 lakh billion.
On the BSE, Tata Steel's shares increased by 2.22% to Rs 170.20. The company's market capitalization was Rs 2.11 lakh billion. Nifty Metal reached 10,263, 200 points over its record high. In the same way, the BSE metal index hit an all-time high of Rs 34,784.25.
The Nifty metal and BSE metal indexes reached new highs in early trade today, showing that metal equities withstood the market meltdown. JSW Steel and Tata Steel were two of the top gainers on the Sensex. JSW Steel's stock rose 2.52% from the previous closing on the BSE of Rs 1001.75 to a record high of Rs 1,027. JSW Steel's market value increased to Rs 2.5 lakh billion.
On the BSE, Tata Steel's shares increased by 2.22% to Rs 170.20. The company's market capitalization was Rs 2.11 lakh billion. Nifty Metal reached 10,263, 200 points over its record high. In the same way, the BSE metal index hit an all-time high of Rs 34,784.25.
In contrast to the previous BSE closing of Rs 235.10, another metal stock, NMDC, increased 5.14% to Rs 247.10. NMDC's market value increased to Rs 71,917 crore. Against the previous closing of Rs 140.45, shares of SAIL, another producer of iron and steel, increased by more than 2% to Rs 143.95.
In early trade today, Vedanta's shares increased 2% to Rs 523.60 from the previous close of Rs 512.85 on the BSE. The company's market value increased to Rs 2.01 lakh billion.
A record-high of Rs 764.40 was reached by shares of aluminum manufacturer Hindalco on the BSE, up 2.30% from the previous closing price of Rs 747.40. The company's market value increased to Rs 1.70 lakh crore. The leading gainers on the Nifty were Hindalco, Tata Steel, and JSW Steel, increasing up to 2.5 percent.
The rise in the metal counters coincided with today's market meltdown, as Chinese real estate shares increased on Monday. Shanghai, Shenzhen, and Guangzhou loosened restrictions on property purchases prior to the surge. Additionally, the Chinese central bank declared that mortgage refinancing will be permitted.
A Bloomberg article states that Guangzhou, a major commercial hub, was the first tier-1 city to lift all restrictions on Sunday. The city government will no longer impose house ownership restrictions or evaluate purchaser eligibility. additional individuals will now be able to buy homes in suburban regions, while others will be able to buy additional properties, according to Shanghai and Shenzhen.
After restrictions were loosened in three Chinese towns, iron ore prices increased by 11%. The top importer of metals worldwide is China. This improved optimism toward Chinese real estate equities as well.
On September 24, when China announced plans to stimulate the real estate sector, metal stocks rose as much as 6%. According to sources, China would standardize down payment requirements for home loans and reduce the interest rates on current mortgage loans.
