Don’t miss the latest developments in business and finance.

Metal shares gain as China PMI at 18-month high

Tata Steel, Hindalco, Sesa Sterlite, Jindal Steel, JSW Steel and SAIL 1-4% on the Bombay Stock Exchange.

Image
SI Reporter Mumbai
Last Updated : Jul 24 2014 | 12:18 PM IST
Shares of metal companies are trading firm in an otherwise subdued market after a preliminary gauge of Chinese manufacturing activity reached an 18-month high in July.

Tata Steel, Hindalco Industries, Sesa Sterlite, Jindal Steel and Power, JSW Steel and Steel Authority of India are up 1-4% on the Bombay Stock Exchange (BSE).

S&P BSE Metal index, gauge of metal companies, the largest gainer among sectoral indices, up 1.5% or 200 points compared to 0.09% or 23 points decline in benchmark S&P BSE Sensex at 1205 hours.

The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 52.0 in July from June's final reading of 50.7, beating a forecast of 51.0 in a Reuters poll.

It was the highest reading since January 2013, and above the 50-point level that separates growth in activity from contraction for the second consecutive month, the Reuters report suggests.

 

More From This Section

First Published: Jul 24 2014 | 12:10 PM IST

Next Story