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Metal Stocks Shines In 2023: year 2023 The Indian stock market is trading with a boom on the first trading day. But the reason for the boom in the market is the shares of metal companies. Be it Tata Steel or Hindalco or JSPL, all metals stocks have gained momentum. There is also a boom in the shares of companies like government company SAIL, Hindustan Copper. And the reason for the boom in the metals sector is the China factor.
Metals sector stocks rise due to China factor
In China, the government there is withdrawing the restrictions imposed due to the Corona epidemic. Due to these restrictions, there was a huge loss to the Chinese economy. Because of which resentment has increased among the people there. So the demand-supply gap is also increasing. In such a situation, China is preparing to open its economy completely by removing restrictions, if this happens, the country’s metals companies can be of tremendous benefit. The demand for steel, aluminum may increase. This is the reason that for the last one week, continuous buying is being seen from the investors in the shares of the metals sector.
How many shares climbed
Steel sector giant Tata Steel’s shine has increased. In the first trading session of 2023, Tata Steel’s stock is seeing a gain of 5.77 per cent and the stock is trading at Rs 119.15. In the last 10 days, the stock of Tata Steel has risen by 17 per cent and in 6 months by 44 per cent. If we talk about the share of Jindal Steel, then in the last 6 months, the share has increased by 86 percent and in the last 10 days, there has been a jump of 13 percent in the share. Hindalco’s stock has also seen a great boom. There was a jump of 56 per cent in the stock in six months, while the stock has given a return of 13 per cent in 10 days.
Brokerage houses are also bullish
Many brokerage houses are also bullish on steel companies. They feel that the opening of the Chinese economy can be of tremendous benefit to Indian steel companies. Jefferies has advised to buy Tata Steel shares with a target of Rs 150. And Hindalco’s share can go up to Rs 600 from the current level. Nifty’s metal index has touched lifetime of 6907. The index has risen 46 per cent in 6 months and 8 per cent in a week.
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