The Nifty Metal index hit a fresh all-time high at 7,042.50 in trades on the Monday. The index witnessed a sharp rally in the last five trading sessions gaining near about 8 per cent as against 1.6 per cent gain on the Nifty50 benchmark.
The renewed buying enthusiasm at these counters were on hopes that stimulus measures taken by China, lower mortgage rates, reduced down-payment for home buyers coupled with debt-extension for Country Garden, could help revive the world second largest economy. Analysts also attributed the recent gains to price hikes implemented by domestic companies.
Select stock such as SAIL, National Aluminium, Hindustan Copper, Hindalco and Tata Steel rallied up to 19 per cent during the period. Further, 9 out