Comments
The stock of Tata Steel gained 5.5 per cent on Friday. According to analysts, the European Central Bank’s announcement of an unlimited bond-buying plan boosted demand for riskier assets. The stock was the highest gainer among the Sensex stocks. On the BSE, it ended the day up 5.7 per cent at Rs 370.70 and on the NSE, the stock closed up 5.5 per cent at Rs 370.75.
Analysts say that the stock had been hammered over the past couple of months due to weak Chinese demand. On the BSE, the stock has declined by over 17 per cent since July 2012, falling from about Rs 450 per share to current levels. “This stock saw some amount of short-covering today. Demand for metals is not picking up, which is why the sector is seeing a decline on the whole,” said Alex Mathew, Head of Research, Geojit BNP Paribas Financial Services.
The stock witnessed a slow ascent through the day. On both the exchanges, the metal sector index was up 2.6 per cent.
On the NSE, the total traded volume for the share was 71.3 lakh shares at a value of Rs 261 crore.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.