New Delhi: Metal stocks rose on Friday, in tandem with the broader market, on optimism over a trade deal between the US and China ahead of a tariff hike deadline.
At 11:41 am, shares of Vedanta Ltd traded over 3% higher at ₹148.20 apiece. Hindalco was up 2.8%, Tata Steel rose 2%, Jindal Steel gained 1.3% and JSW Steel was 1.5% higher. The BSE Metal Index rose 2% to 9,759.50 points, while the BSE Sensex was up 0.7% at 40.889.96 points.
"Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Trump tweeted on Thursday.
According to a Reuters report, the US has offered to cut existing tariffs on Chinese goods by as much as 50% and suspend new tariffs on $160 billion in goods scheduled to go into effect on Sunday in an attempt to secure a "Phase One" trade deal.
The US and China have been locked in a tariff war for about 18 months now, which has had a telling effect on world economy. The trade war between the two largest economies of has hit global growth and dampened profits and investment for companies around the world.