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Metal shares gain ahead of China GDP data

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Seven metal shares rose by 0.09% to 5.07% at 13:54 IST on BSE on optimism ahead of China GDP data due on Wednesday, 16 July 2014.

Hindustan Zinc (up 5.07%), Hindalco Industries (up 4.96%), Tata Steel (up 2.06%), JSW Steel (up 1.83%), Steel Authority of India (Sail) (up 1.77%), Jindal Steel & Power (up 0.70%) and NMDC (up 0.09%), edged higher.

However, Sesa Sterlite (down 2.64%) and Bhushan Steel (down 1.37%), edged lower.

The S&P BSE Metal index was up 0.30% to 12,489.32. It outperformed the Sensex, which was down 0.11% at 24,997.34.

The S&P BSE Metal index had underperformed the market over the past one month till 11 July 2014, falling 7.54% compared with 1.76% fall in the Sensex. The index had, however, outperformed the market in past one quarter, rising 20.28% as against Sensex's 10.59% rise.

 

China is due to release second quarter GDP figures on Wednesday, 16 July 2014, along with other data including industrial production and retail sales numbers.

The data comes as recent concerns over economic prospects for China -- a key driver of world growth -- have eased owing to a pick-up in key indicators in the second quarter and government stimulus measures to boost the economy.

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

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First Published: Jul 14 2014 | 1:51 PM IST

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