The BSE Metal India has gained 2.66% to 10,217 on expectations of rise in demand for commodities after China announced cut in interest rates
The S&P BSE Metal Index is among the sectoral gainers in early trade on BSE.
At 10:40AM, the BSE Metal India has gained 2.66% to 10,217 on expectations of rise in demand for commodities after China announced cut in interest rates.
Hindalco (up 3.45%), JSW Steel (up 3.04%), Hindustan Copper (up 1.77%), Vedanta (up 3.92%) and SAIL (up 3.7%) were among the top index gainers.
The benchmark BSE Sensex is up 1.03% to 27,383.34.
The People’s Bank of China on Sunday has cut the benchmark lending and deposit rates by 0.25 percentage point. This is the third time in the past six months that China has cut interest rates.
The central bank said Sunday it would shave a quarter of a percentage point off benchmark lending and deposit rates, effective Monday.
The benchmark interest rate is cut by 25 basis points to 5.1%. The one-year deposit rate will be reduced by the same amount to 2.25%.
“Currently, the pace of economic restructuring is quickening and the fluctuation of external demand is relatively big,” the PBOC said in a statement. "China’s economy is still facing relatively big downward pressure.”
At 10:40AM, the BSE Metal India has gained 2.66% to 10,217 on expectations of rise in demand for commodities after China announced cut in interest rates.
Hindalco (up 3.45%), JSW Steel (up 3.04%), Hindustan Copper (up 1.77%), Vedanta (up 3.92%) and SAIL (up 3.7%) were among the top index gainers.
The benchmark BSE Sensex is up 1.03% to 27,383.34.
The People’s Bank of China on Sunday has cut the benchmark lending and deposit rates by 0.25 percentage point. This is the third time in the past six months that China has cut interest rates.
The central bank said Sunday it would shave a quarter of a percentage point off benchmark lending and deposit rates, effective Monday.
The benchmark interest rate is cut by 25 basis points to 5.1%. The one-year deposit rate will be reduced by the same amount to 2.25%.
“Currently, the pace of economic restructuring is quickening and the fluctuation of external demand is relatively big,” the PBOC said in a statement. "China’s economy is still facing relatively big downward pressure.”
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