The BSE Metal index today bounced back in early trade with a gain of nearly 1 per cent.
Shares of Tata Steel and Sterlite Industries, which ended in the red yesterday, opened the day on a positive note, taking the BSE-Metal index up by 0.72 per cent to 15,186.62 points.
Tata Steel surged by 1.09 per cent to Rs. 519.50 on BSE while Sterlite Industries witnessed an upsurge of 1.22 per cent to Rs. 161.
Analysts attributed the gain in the metal sector to the sheer short covering as the sector did not participate in the recent market rally.
Vedanta Group promoted iron ore firm Sesa Goa also rose to Rs. 323.70, up 1.25 per cent from previous close.
Hindalco, the only metal counter that gained yesterday, today also opened in the green and went up to Rs. 170.15, reflecting a gain of 1.09 per cent in morning trade.