Commodity Online
MUMBAI: Steel stocks recorded gains despite the weakness gripped markets on profit bookings at higher level after an initial surge in the morning trades.

Sectoral metals index BSE metals surged by 2% to 11678 points during the afternoon trading session on the Bombay Stock Exchange (BSE). Index heavyweights Tata Steel Ltd, Jindal Saw Ltd and Ispat Industries Ltd witnessed a robust rise in the stock prices.

Tata Steel Ltd surged by over 8% to Rs.474.25, Jindal Saw rose to Rs.417.50 up by 4.65% from its previous close. Ispat Industries Ltd recorded moderate gains at Rs.26.60 up 2.35%, while Bhushan Steel Ltd was trading at Rs.701.50 with a gain of over 5% during afternoon trading session on the BSE.

Meanwhile, Sensex was trading at 14,876 points with marginal gains of 0.2%.

Profit booking at multi month higher levels, pulled the markets down, remaining within a striking distance of the psychological 15,000 level.

However, steel prices hovered at lower levels of Rs.23910 per MT for MCX June contract, while in the spot market; the prices remained high at Rs.29240 per MT.