Moderately valued’ metal stocks shine on bourses
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Metal stocks were among the top gainers in Monday's trading session on perceived moderate valuations, and after New Delhi initiated an anti-dumping probe on Vietnamese hot-rolled coil (HRC) imports. The Nifty Metal Index gained 1.87% while the benchmark Nifty advanced 0.13% on Monday. National Aluminium surged 4.35% on Monday followed by Hindalco which gained 4%. Hindustan Copper, Vedanta, Jindal Stainless Steel and Tata Steel rose over 3% each while Steel Authority of India and Jindal Steel & Power moved up over 2%. Analysts said that after the recent correction in metal stocks, the valuations have come off, however, they remain cautious on the sector due to challenges posed by Chinese imports. "Metal stocks have corrected 15-20% from recent peaks which has made sector valuations relatively attractive although not very cheap," said Tushar Chaudhuri, Research Analyst, Prabhudas Liladher. Metal Stocks “The recent news suc...