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Metal stocks surged on October 29, propelling the Nifty Metal index over 2% higher in morning trade to a record high
Metal Stocks
Metal stocks surged on October 29, propelling the Nifty Metal index over 2% higher in morning trade to a record 10,824.70. The rally was driven by optimism over easing US-China trade tensions and growing expectations of a US Federal Reserve rate cut. The index has now gained more than 4% over six sessions.
Steel, Copper Stocks Lead Gains
Steel Authority of India (SAIL) jumped nearly 8% to ₹142 ahead of its Q2 FY26 results, while Hindustan Copper climbed over 3%. Hindustan Zinc and NMDC rose close to 3% each, and Vedanta, JSW Steel, and Tata Steel advanced over 2%. Jindal Stainless and NALCO gained more than 1%, while Jindal Steel & Power, Adani Enterprises, APL Apollo Tubes, and Hindalco added around 1%.
Global Drivers: Trump-Xi Talks & Fed Outlook
US President Donald Trump is expected to meet Chinese President Xi Jinping on the sidelines of an international summit in South Korea later this week. Trump said he anticipates “a lot of problems” will be resolved during the talks, lifting hopes of trade de-escalation after announcing steep tariff hikes on Chinese goods last week.
Expectations of lower US interest rates also supported the rally. The Federal Reserve, led by Jerome Powell, is widely expected to cut rates by 25 basis points after its FOMC meeting, according to CME’s FedWatch Tool.
“While the Fed is expected to cut rates by a quarter point, traders will watch Powell’s comments for cues on future policy direction,” said Devarsh Vakil, Head of Prime Research, HDFC Securities. Lower rates typically boost demand for non-yielding assets like metals.
Tight global supply and firm demand trends have further strengthened the outlook for metal prices.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
October 29, 2025, 13:05 IST
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