Commodity Online
MUMBAI: As the key benchmark indices continued extending gains after a fall witnessed in the market during early trades, metal stocks witnessed a sharp rise on the bourses.

Sectoral index, BSE Metals traded with gains of over 4% at 9507 points during the morning trading session as leading base metal stocks posted heavy gains. Aluminium and copper major, Hindalco Industries Ltd was up over 2% at Rs.81.20, while Vedanta Resources Group company, Sterlite Industries Ltd traded with heavy gains of close to 10% at Rs.585 on BSE.



Volatility remained prevalent in the market as some of the heavyweight stocks traded with record rise for the second consecutive day. National Aluminium Company Ltd (BOM 532234) gained over 20% at Rs.380 during the day.

Indian stock markets had witnessed a historic rally on Monday, 18 May 2009, when the key indices viz. the BSE Sensex and the S&P CNX Nifty surged more than 17% each on hopes of a new stable government will be able to push reforms. The trading had to be put on hold for the entire day after the indices touched record rise.

Today, the benchmark Sensex was trading at 14568 points up close to 2% during the morning trading session. However, the index had slipped into the red on profit taking after a sharp surge at the onset of the trading session that pushed the Sensex to its highest level in more than eight months.

The Bull Run in the stock market was accompanied by the surge in commodity prices as well. Copper prices stood at Rs.221.35 up from its previous levels for the MCX June contract. However, Aluminium prices remained marginal under pressure at Rs.71.55 per kg for MCX May contract against Rs.71.85 per kg in spot market.

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