Shares of ten mining and metal stocks fell by 0.06% to 4.82% at 13:51 IST on BSE as China's broadest measure of new credit fell 19% in March from a year earlier and money supply grew at the slowest pace since 2001.
The S&P BSE Metal index fell 217.20 points or 2.1% to 10,135.13. It underperformed the S&P BSE Sensex, which was down 173.35 points or 0.77% at 22,455.61.
NMDC (down 0.06%), Hindustan Copper (down 0.58%), Hindustan Zinc (down 0.83%), National Aluminium Company (down 1.6%), Sesa Sterlite (down 2.48%), JSW Steel (down 3.25%), Jindal Steel & Power (down 3.59%), and Hindalco Industries (down 3.63%) and Sail (down 4.82%) edged lower.
Tata Steel fell 1.39% to Rs 414.25, with the stock reversing initial gain triggered by declaring good production and sales volumes data for Q4 and FY ended 31 March 2014. The stock was volatile. The stock rose 1.01% at the day's high of Rs 424.35 so far during the day. The stock fell 1.82% at the day's low of Rs 412.45 so far during the day.
Tata Steel said on Monday, 14 April 2014, that the company has completed FY 2014 (year ended 31 March 2014) with an overall increase in production and sales volumes. The year registered its best ever performance in hot metal, crude steel, saleable steel production and total sales, the company said. Tata Steel said that its total sales rose 6% to 24.07 lakh tonnes in Q4 March 2014 over Q4 March 2013. Total sales rose 14% to 85.16 lakh tonnes in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
The S&P BSE Metal index had outperformed the market over the past one month till 11 April 2014, rising 15.88% compared with the Sensex's 3.68% rise. The index, however, underperformed the market in past one quarter, gaining 8.38% as against Sensex's 9.01% rise.
More From This Section
China's broadest measure of credit fell 19% from a year earlier in March and money supply grew at the slowest pace since 2001, data from the People's Bank of China showed today, 15 April 2014. Aggregate financing was 2.07 trillion yuan ($333 billion) from 2.55 trillion yuan a year earlier. New yuan loans were 1.05 trillion yuan. M2, China's broadest measure of money supply, rose 12.1% in March from a year earlier. China is the world's largest consumer of copper and aluminum.
Powered by Capital Market - Live News