Three amongst the top five gainers on the BSE are metal stocks. Currently, the top gainer is Vedanta, up hitting a new high today at Rs.225, followed by MMTC – up over 8% at Rs.51 levels and third gainer is Hind Zinc, which hit a new 52-week high today at Rs.275.90.

Other metal stocks like Hindalco, Hindustan Copper, NMDC, Jindal Steel, Nalco are all up. Tata Steel is clouded under its own corporate governance issues.

This new found euphoria on the metals counter is on hopes that buying from China will soon step up. This hope rises from its latest PMI data which rose to 51.2 in Oct v/s 50.4 in September. This has led to belief that Chinese economy is stabilizing and will soon press into more manufacturing activity.