Shares of nine mining and metal stocks fell by 0.94% to 4.49% at 13:10 IST on BSE on concerns about slower Chinese growth.
Tata Steel (down 4.49%), JSW Steel (down 3.63%), Sail (down 3.47%), Jindal Steel & Power (down 2.96%), Sesa Sterlite (down 2.76%), Hindalco Industries (down 2.59%), NMDC (down 2.44%), Hindustan Zinc (down 1.41%) and Bhushan Steel (down 0.94%), edged lower.
The S&P BSE Metal index fell 3.02% to 9,314.69. It underperformed the S&P BSE Sensex, which was down 1.40% at 20,837.53.
The S&P BSE Metal index had underperformed the market over the past one month till 24 January 2014, falling 2.19% compared with the Sensex's 0.48% rise. The scrip had, however, outperformed the market in past one quarter, rising 5.70% as against Sensex's 1.97% rise.
Factory output may shrink this month, a preliminary survey from HSBC Holdings Plc and Markit Economics indicated last week, as the People's Bank of China injected more funds into the financial system to ease a cash shortage.
China is the world's largest consumer of copper and aluminum.
Powered by Capital Market - Live News