MUMBAI (Commodity Online): Metal stocks rallied on the Bombay Stock Exchange (BSE) today as the key metals bounced back on the London Metal Exchange (LME) on Monday.

Sectoral index, BSE Metals traded at 16308 points up by 2.13% from its Monday’s close with lead taken by steel stocks on the BSE. Tata Steel, Ispat Industries, JSW Steel and Steel Authority of India Ltd (SAIL) were among the top gainers on the Metals index.

Meanwhile, key benchmark index, Sensex traded at 16724 points up by 0.75% in the morning trades today.

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Tata Steel Ltd (BOM: 500470) gained 3.14% at Rs.573, Ispat Industries Ltd (BOM: 500350) was trading at Rs.20 up by over 3% in the morning trades today. JSW Steel Ltd (BOM: 500228) rose 2% at Rs.980.50, while SAIL (BOM: 500113)was up 2.5% at Rs.217.10.

The BSE Metal index had outperformed the market over the past one month till 21 December 2009, falling 0.79% as compared to the Sensex's 2.47% decline. It outperformed the market in past one quarter, rising 10.02% as against 0.84% fall in the Sensex.

Other metal stocks too witnessed gains during the day on the BSE. Copper and Aluminium major, Hindalco Industries Ltd (BOM: 500440) gained 2.37% at Rs.140.40, while Sterlite Industries India Ltd (BOM: 500900) was trading at Rs.813.25 up by 1.39% during the day.

Jai Corp Ltd (BOM: 512237) and Sesa Goa Ltd (BOM: 500295) traded with gains of over 2.5% each at Rs.200.35 and Rs.373 respectively.

Copper opened steady on Tuesday, 22 December 2009, as optimism about the market outlook for next year allowed the market to defy pressure from a strong dollar, which hit a 7-month high versus the yen. Copper, used largely in power and construction, is considered a gauge of the economic activity.

India's copper futures opened steady on Tuesday as pressure from a firm dollar was offset by demand optimism going forward. Copper prices hovered low with loss of 0.36% at Rs.325.50 per kilogram.

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