Eight metal and mining shares fell by 0.7% to 2.62% at 15:10 IST on BSE after the latest data showed factory production in China slowed in November 2014.
Tata Steel (down 2.62%), Sesa Sterlite (down 2.5%), Hindalco Industries (down 1.74%), Hindustan Zinc (down 1.03%), Bhushan Steel (down 0.98%), Jindal Steel & Power (down 0.63%), Steel Authority of India (SAIL) (down 0.19%) and JSW Steel (down 0.7%), edged lower. However, NMDC (up 1.89%), edged higher.
The S&P BSE Metal index was down 1.24% at 10,599.69. It underperformed the Sensex, which was down 0.77% at 27,389.79.
The S&P BSE Metal index had underperformed the market over the past one month till 11 December 2014, falling 5.09% compared with 1.10% fall in the Sensex. The index had also underperformed the market in past one quarter, falling 14.48% as against Sensex's 2.25% rise.
A slate of Chinese economic data for November released today, 12 December 2014, painted a mixed picture of the state of the world's second biggest economy, with better-than-expected retail sales and weaker-than-expected industrial output. Industrial production rose 7.2% on year in November, below October's 7.7 % rise. Meanwhile, retail sales rose 11.7% on year, up from October's 11.5% rise. Fixed-asset investment for this year through November was up 15.8%, in line with expectations. This metric is tracked as an indicator of construction activity in China and reported on a year-to-date basis. Meanwhile, property sales by square meter for the same 11-month period fell 8.2%, extending a down-trend that has persisted since then end of 2013.
China is the world's largest consumer of copper, steel, and aluminium.
Powered by Capital Market - Live News