Date:03/06/2006 URL: http://www.thehindubusinessline.com/2006/06/03/stories/2006060304181500.htm

Back Steel stocks: Advance selectively

SAIL and Tata Steel, both large-cap stocks that form part of the main indices, ended with 5 per cent-plus gains on Friday, giving rise to hopes that steel counters may well be advancing selectively.

The case for metals such as steel is not lost, avow investment circles, adding, however, that short-term blips should not be ruled out. Other steel counters, Jindal and Essar included, too, advanced on Friday.

The metals theme took a hit in the recent past, which was reflected in an all round fall in steel stocks. Both SAIL and Tata Steel, for instance, significantly came off their then prevailing prices.

Incidentally, non-metal counters such as Hindalco and Sterlite also recorded handsome gains on Friday.

Nilanjan Dey