Hindalco Ltd climbed 6.26 per cent to Rs 599.70. Tata Steel rose 5.11 per cent to Rs 133.70. JSW Steel gained 4.98 per cent. JSL, Coal India and Vedanta advanced 4.48 per cent, 4.27 per cent and 3.63 per cent, respectively.
JSW Steel stock has clocked 29.30% returns in a year. This year, the stock has gained 16%.
An analyst from YES Securities said that IndiGo has witnessed a surge in price and volume during the last trading session, breaking out from its downward sloping line on the daily chart.
Domestic stock investors were looking for safeguard duty on steel, as Vietnam, South Korea, Europe and the US have already imposed or increased tariff barriers against steel imports in the past few weeks.
SMC Global said that JSW Steel has aggressively expanded into a global steel giant over the past three decades, with a consolidated crude steel capacity of 35.7 million tonnes per annum, including 1.5 MTPA in the US.
Jefferies has upped target price for Tata Steel to Rs 180 from Rs 165 earlier. The target price for JSW Steel has also been revised to Rs 920 from Rs 850 earlier, but Jefferies continued to maintain a 'Hold' on this stock.
Shares of JSW Steel were trading on a flat note at Rs 981.90. Market cap of the firm stood at Rs 2.40 lakh crore.
Shares of Tata Steel, Jindal Steel and Power, Vedanta, NMDC and SAIL are down up to 10% this year.
Vedanta was the worst index performer, plunging 4.47 per cent to Rs 435.20. SAIL slipped 4.42 per cent to Rs 105.60. Tata Steel, JSW Steel and NALCO declined 3-3.7 per cent.
The RBI cut repo rate by 25 basis points to 6.25% on Friday. A reduction in the key lending rate is expected to add to demand for loans for infra and the real estate sectors.
Shares of Vedanta declined 7% to Rs 410 against the previous close of Rs 439.75. Tata Steel stock fell 3% to Rs 127.80 .
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