Feb. 16 （Bloomberg） -- Indian stocks rose for the fourth day, led by metal producers as analysts predicted metals demand in Asia’s second-fastest growing major economy may double in five years and remain robust for a decade.
Jindal Steel & Power Ltd., the nation’s second-biggest producer of the alloy by value, climbed 1.8 percent. “Steel demand may double in the next five years and I will not be surprised if demand for non-ferrous metals such as copper and aluminum grow at twice the pace,” said Kunal Shah, head of commodity research with Nirmal Bang Securities Pvt. in Mumbai. Tata Steel Ltd., the nation’s largest producer of the alloy, advanced 2.5 percent after net income, including that of Tata Steel Europe Ltd., more than doubled.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 32.39, or 0.2 percent, to 18,306.19 at 9:28 a.m. in Mumbai. The gauge has lost 13 percent from a Nov. 5 record as the central bank raised borrowing costs to curb inflation. A slump of 20 percent or more signifies a so-called bear market to some investors. Companies on the Sensex are valued at an average 17.2 times estimated earnings, down from last year’s high of 21.5 times in March, according to data compiled by Bloomberg.
The S&P CNX Nifty Index on the National Stock Exchange rose 0.1 percent to 5,483.40. The BSE 200 Index increased 0.1 percent to 2,254.67.
Jindal Steel climbed 1.8 percent to 662.50 rupees. Tata Steel jumped 2.5 percent to 631.75 rupees, set for its best close since Feb. 7. Growth in demand for base metals in India may jump by as much as 15 percent this year, said Sumit Verma, an analyst at broker Geojit Comtrade Ltd.
Global funds bought a net 2.28 billion rupees （$50.2 million） of Indian equities on Feb. 14, according to data on the website of the Securities and Exchange Board of India. Overseas investors have sold $1.6 billion more shares than they bought this year.
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