Metal giants such as NALCO, Tata Steel, and Vedanta rallied 4-6% on 24th September, following a series of measures announced by China in recent days to boost its economy.

The Nifty Metal index is the top sectoral gainer today, trading with gains of over 2%, with all 15 constituents in positive territory.

The People’s Bank of China (PBOC) announced a 50 basis point cut to the reserve requirement ratio (RRR) for banks, but no specific timeline was provided for when this reduction will occur.

PBOC announced a 20 basis point cut in the seven-day reverse repo rate, reducing it to 1.5% from 1.7%. Additionally, it lowered the minimum down payment ratio for second homes to 15%.

Tata Steel MD & CEO TV Narendran highlighted issues with the Chinese economy, noting that China is selling steel at a loss and that India should prevent China from exporting these problems. He also mentioned that steel prices have dropped by nearly $100 per tonne over the past six months.

The Nifty Metal index closed up 280.55 points at 9,735.40.

At 3:30 PM, NALCO closed 6.64% higher at Rs 192.20, Tata Steel closed 4.32% higher at Rs 160.65, Vedanta closed 3.75% higher at Rs 470.10, and SAIL closed 3.29% higher at Rs 133.95.

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