The top gainers on the bourses today are mostly metal stocks, with Jindal Steel ruling higher by over 4% at Rs.149, SAIL also up around 4% at Rs.87 levels, Hindalco is up 3.5% at Rs.166 and Tata Steel is up 2.5% at Rs.474.

The metal stocks are up, reacting to China, on Friday, in a surprise move, reducing interest rates for the first time since 2012, to prop up the sagging economy. The rate for one-year lending was reduced by 0.4% to 5.6% and one-year deposit rate was reduced by 0.25% to 2.75%.

The expectation is that this will once again spur development, infra build, which in turn will increase demand for metals.