Seven metal and mining stocks rose 0.71% to 4.56% at 12:40 IST on BSE after China's economy grew in line with expectations in 2015.
Vedanta (up 2.18%), JSW Steel (up 0.71%), Steel Authority of India (Sail) (up 0.83%), National Aluminium Company (up 4.49%), Jindal Steel & Power (up 4.56%), Hindalco Industries (up 2.81%) and Hindustan Copper (up 1.71%) edged higher. NMDC (down 1.12%) edged lower. Hindustan Zinc was unchanged at Rs 138.70.
Meanwhile, the S&P BSE Sensex was up 239.10 points or 0.99% at 24,427.47.
China's economy grew 6.8% in the fourth quarter from a year earlier, easing from 6.9% in the third quarter. It is the weakest pace of expansion since the first quarter of 2009, when growth tumbled to 6.2%. China's economic growth rate slowed to a 25-year low of 6.9% in 2015, down from 2014's growth of 7.3%.
China is the world's largest consumer of steel, copper and aluminum.
Tata Steel fell 0.23% at Rs 235.70. Tata Steel after market hours yesterday, 18 January 2016, announced that its indirect subsidiary Tata Steel UK has announced cost-saving proposals to improve the competitiveness of its UK business. The plans would lead to the loss of 1,050 jobs - 750 jobs at its Port Talbot-based Strip Products UK business, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool, Tata Steel said. The proposed changes follow continued fall in the European steel price caused by a flood of cheap imports, particularly from China, the company said.
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