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Metal stocks in demand

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Capital Market
Last Updated : Aug 05 2014 | 9:33 AM IST

Ten metal stocks rose by 0.25% to 3.50% at 11:58 IST on BSE after the latest data indicated China's service industries showed the first pick-up in growth since March.

Jindal Steel & Power (up 3.50%), Sesa Goa (up 3.48%), Sterlite Industries (India) (up 2.97%), Nalco (up 2%), Tata Steel (up 1.51%), NMDC (up 1.24%), Hindalco Industries (up 1.04%), JSW Steel (up 0.92%), Hindustan Zinc (up 0.70%) and Sail (up 0.25%), edged higher.

The S&P BSE Metal index was up 2.43% at 6,667.48. It outperformed the Sensex, which was up 0.41% at 19,242.83.

The S&P BSE Metal index had underperformed the market over the past one month till 2 August 2013, sliding 17.26% compared with the Sensex's 1.54% fall. The index had also underperformed the market in past one quarter, falling 24.85% as against Sensex's 2.90% fall.

China's service industries showed the first pick-up in growth since March, adding to signs the world's second-largest economy may be stabilizing after a two-quarter slowdown. The non-manufacturing Purchasing Managers' Index rose to 54.1 in July from 53.9 in June, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said on Saturday. An official gauge of manufacturing released 1 August 2013 showed an unexpected expansion.

China is the world's largest consumer of copper and aluminum.

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First Published: Aug 05 2013 | 12:09 PM IST

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