Nine metal shares fell by 0.80% to 2.59% at 13:27 IST on BSE as a Chinese manufacturing gauge dropped.
Jindal Steel & Power (down 2.59%), Sesa Sterlite (down 2.44%), NMDC (down 2.43%), Tata Steel (down 2.07%), JSW Steel (down 1.48%), Hindalco Industries (down 1.41%), Steel Authority of India (Sail) (down 1.40%), Bhushan Steel (down 1.13%) and Hindustan Zinc (down 0.80%), edged lower.
The S&P BSE Metal index was down 1.45% at 11,142.38. It underperformed the Sensex, which was almost flat at 28,690.34.
The S&P BSE Metal index had underperformed the market over the past one month till 28 November 2014, rising 0.25% compared with 6.75% rise in the Sensex. The index had also underperformed the market in past one quarter, falling 7.72% as against Sensex's 7.72% rise.
The HSBC China manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a six-month low of 50 in November from 50.4 in October, HSBC Holdings PLC said today, 1 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion.
China's official manufacturing Purchasing Managers Index fell to 50.3 in November compared with 50.8 in October, the National Bureau of Statistics, said today, 1 December 2014.
China is the world's largest consumer of copper, steel and aluminum.
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