Commodity Online
MUMBAI: Markets moved firm after drifting in red in the early trading hour with metal stocks trading high on the bourses today during the afternoon trading session.

Markets, however, traded in red for the fourth consecutive day in the early trading hours, but recovered gains in the later trading sessions. The benchmark sensex opened with a positive note but soon slipped into red following political uncertainty as India undergoes second phase of general elections today. The month-long parliamentary elections that began on 16th April 2009 will conclude on 13th May 2009 with results due on 16th May 2009. Poll estimates point to a fractured mandate.

Sectoral metals index surged took the lead in bringing the sensex back in green. BSE metals index surged by over 2.5% to 6910 points during the afternoon trading sessions with steel stocks surging the most. Leading steel companies including Tata Steel Ltd, JSW Steel and public sector major, SAIL witnessed heavy gains on the BSE today. Tata Steel surged close to 5% to Rs.253.10, while JSW Steel Ltd surged close to 4% at Rs.325.6. Public sector steel major, Steel Authority of India Ltd (SAIL) gained by close to 4% at Rs.111.8.

Other metals stocks traded firm on the BSE. Sterlite Industries Ltd surged over 2% to Rs.376.4, while Hindustan Zinc Ltd surged over 1.5% to Rs.493 during the day. HZL had announced to give 40% dividend to its share holders.

However, metal prices remained low on the commexes. Zinc prices stood at Rs.71.25 poer kg for MCX April contract, while copper prices hovered at Rs.227.2 per kg for MX April contract. Steel prices ramined high in the spot market at Rs.28570 per MT, while for the MCX May contract, steel prices remained at Rs.23830 per MT.

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