Bulls hit bears, this time with steel

Steel stocks pushed the index to higher levels. After opening with a gap of 80 points markets shot up by 150 points later to cool off to the levels of 14,129.65. Steel major Sail surged 10.10% to Rs 99.80, extending Friday’s rally triggered by the steel minister’s statement of massive expansion proposed at the company. Small and midcap steel companies had a field day today. CMC jumped 28.66% to Rs 898, after the company reported a 69% jump in net profit for December 2006 quarter. We expect steel stocks to continue the rally for couple more days