NMDC Share Price Jumps On China's New Measures To Support Property Sector
NMDC Ltd. shares jumped nearly 5% on Monday, riding on optimism after China unveiled measures to stimulate its economy, particularly in the property sector.
Most metal stocks rose following the move. The NSE Nifty Metal emerged as the top sectoral gainer, trading higher by 0.06% as of 10:06 a.m. The index also touched a 52-week high during trade.
NMDC shares rallied alongside other mining stocks as iron ore prices spiked 8%, buoyed by expectations of increased demand in China, the world's largest consumer of the steel-making ingredient. The relaxation of home-buying curbs in China's major cities has boosted confidence in the recovery of the property sector, further fueling demand prospects for metals.
Most metal stocks rose following the move. The NSE Nifty Metal emerged as the top sectoral gainer, trading higher by 0.06% as of 10:06 a.m. The index also touched a 52-week high during trade.
NMDC shares rallied alongside other mining stocks as iron ore prices spiked 8%, buoyed by expectations of increased demand in China, the world's largest consumer of the steel-making ingredient. The relaxation of home-buying curbs in China's major cities has boosted confidence in the recovery of the property sector, further fueling demand prospects for metals.