IT stocks are under pressure in trade due to concerns over US interest rates remaining higher for longer, after some Federal Reserve officials maintained a cautious stance on inflation.
China s measures to stabilise the property market boosted metal prices. Industrial output grew in April, surpassing expectations. Expectations of a US Fed rate cut in September also fueled the rally. Amid this, Indian metal stocks soared, with Nifty Metal hitting multiple record highs in 2024.
The index has been rising, making new highs since the second half of 2023. It made new all-time highs in 5 consecutive trading sessions. A significant surge in demand from China is believed to drive the rally in the metal space.
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