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Metal shares have rebound in today’s trade and have gained between 0.5-3% on the National Stock Exchange (NSE) after China's economic stimulus raised hopes of a boost in demand in the world's biggest consumer of metals.
Meanwhile, China central bank has injected $81 billion into the major banks.
Bhushan Steel, Coal India, Hindustan Copper, JSW Steel, NALCO, NMDC and Tata Steel have gained between 0.5-3%. Further, CNX Metal is trading at 3038.50 levels up by 5 points or 0.15%.
Earlier this week, shares of metal companies had declined nearly 4% on weak Chinese economic data. China's factory output grew at the weakest pace in nearly six years in August raising fears the world's second-largest economy may be at risk of a sharp slowdown.
Industrial output rose 6.9% in August from a year earlier - the lowest since 2008 when the economy was buffeted by the global financial crisis - compared with expectations for 8.8% and slowing sharply from 9.0% in July.
