New Delhi, April 16 -- Indian metal stocks have emerged as one of the biggest turnaround stories in the recent relief rally, with most of them posting double-digit gains so far in April. Easing tensions in the Middle East, a weaker US dollar, attractive valuations, a recovery in base metal prices, and healthy business updates have all helped restore momentum in these counters.

The Nifty Metal index, which tracks the performance of 15 leading stocks, including Vedanta and Tata Steel, has surged 14.4% in the first 11 trading sessions of April.

This has helped it recover its 9% loss in March and outperform the benchmark Nifty 50, which gained 8.35% during the same period. The rally has pushed the index to a fresh record high of 12,816 in T...