Eleven metal shares fell by 1.44% to 4.64% at 11:09 IST on BSE after lacklustre Chinese economic data added to heightened worries about slackening global growth.
Hindalco Industries (down 4.64%), Steel Authority of India (down 3.97%), Bhushan Steel (down 2.98%), Jindal Steel & Power (down 2.81%), NMDC (down 2.59%), Vedanta (down 2.25%), Hindustan Zinc (down 2.11%), National Aluminium Company (down 2.03%), Tata Steel (down 1.99%), Hindustan Copper (down 1.98%) and JSW Steel (down 1.44%), edged lower.
The S&P BSE Metal index was down 1.55% at 7,251.94. It underperformed the S&P BSE Sensex, which was down 1.14% at 25,425.95.
The S&P BSE Metal index had underperformed the market over the past one month till 9 September 2015, sliding 15.07% compared with 8.91% fall in the Sensex. The index had also underperformed the market in past one quarter, falling 21.39% as against Sensex's 2.88% decline.
Data showed China's consumer inflation in August edging up, but producer prices falling for the 42nd straight month in the latest sign that deflation remains a significant risk for the world's second-largest economy.
China's consumer price index (CPI) rose 2% in August 2015 from the year before, up from 1.6% in July 2015, data published Thursday, 9 September 2015, by the country's National Bureau of Statistics revealed. In addition, China's producer price index (PPI) -- a gauge of factory-gate prices -- declined 5.9% in August from a year earlier, worsening from a 5.4% year-over-year drop in July. This marks the forty-second consecutive month of declines.
China is the world's largest consumer of steel, copper and aluminum.
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