Commodity Online
MUMBAI: Leading steel stock traded with a high note following increased buying by Foreign Institutional Investors (FIIs) for the second consecutive day on the Bombay Stock Exchange today.

Steel major, JSW Steel Ltd traded at Rs.396.05 up over 10% from its Monday’s close. Similarly, private sector major, Tata Steel Ltd continued the higher trend with stock trading at Rs.282.80 with a gain of 7.5% during the afternoon trading session on the BSE.

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Bhushan Steel Ltd traded firm at Rs.468 up over 10% from its previous close. The stock prices have been on the sharp rise since Monday. Jindal Saw Ltd too witnessed heavy buying as the stock gained over 6% at Rs.243.50 during the day.

Meanwhile, the benchmark Sensex traded at 12169 marginally up by 0.22%. Sensex had breached the seven-month highs of 12000 mark. The sectoral index on bourses, BSE Metals traded firm at 7736 up by over 3%.

Experts attribute the rise in stock prices to increased buoyancy by international buyers as well as the domestic industry. The increased construction activity in the country has boosted the demand for steel. According to them the bullish trend is subject to the General Elections in India and its outcome on 16th May.

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