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Shares of metal companies are trading lower up to 4% on the NSE after a private survey showed that China's services index slipped to a 3-month slow signalling signs of a sluggish economy.
China's services purchasing managers' index (PMI) compiled by HSBC/Markit pulled back to 52.9 in October, the weakest reading since July, from 53.5 in September.
China's services purchasing managers' index (PMI) compiled by HSBC/Markit pulled back to 52.9 in October, the weakest reading since July, from 53.5 in September.
Further, Jindal Steel & Power stock was under pressure after the company reported a 12% decline in consolidated profit after tax at Rs 400 crore for the quarter ended September 30, 2014, primarily due to a 53% increase in interest and depreciation burden.
At 12 PM, CNX Metal index is down about 2% or 64.60 points at 2905.85 compared to 0.011% or 9 points rise in benchmark CNX Nifty at 8,333 mark.
China's services sector comprises 46.1% of gross domestic product in 2013, surpassing the secondary sector - manufacturing and construction - for the first time, as the government aims to create more jobs and boost domestic consumption.
Meanwhile, China's annual economic growth slowed to 7.3% in the third quarter, the weakest pace since the global financial crisis, even as the government rolled out more stimulus measures.
