Eight metal and mining stocks rose 0.84% to 4.23% at 11:29 IST on BSE after the latest Chinese trade data topped forecasts and imports recorded their first annual rise since late 2014.
Tata Steel (up 4.23% at Rs 406.45), National Aluminium Company (up 3.27% at Rs 50.60), Steel Authority of India (up 2.79% at Rs 53.35), Jindal Steel & Power (up 2.18% at Rs 86.80), Hindalco Industries (up 1.97% at Rs 162.95), Vedanta (up 1.18% at Rs 176.15), Hindustan Copper (up 0.95% at Rs 69.35) and JSW Steel (up 0.84% at Rs 1,866) edged higher. NMDC (down 0.79% at Rs 113.65) and Hindustan Zinc (down 0.59% at Rs 227) edged lower.
The S&P BSE Metal index was up 1.24%. It outperformed the Sensex which was up 19.29 points or 0.07% at 28,945.65.
The S&P BSE Metal index had outperformed the market over the past one month till 7 September 2016, advancing 4.27% compared with 3.02% rise in the Sensex. The index had also outperformed the market in past one quarter, surging 24.56% as against Sensex's 7.1% rise.
China's imports rose 1.5% year-on-year in August, China's customs said today, 8 September 2016, the first rise in 22 months and beating expectations in a positive sign for the world's second-largest economy. Exports dropped 2.8% on-year in August, according to customs, also beating expectations.
China is the world's largest consumer of steel, copper and aluminum.
Meanwhile, copper edged higher in the global commodities market. High Grade Copper for December 2016 delivery was currently up 0.33% at $2.1045 per pound on the COMEX.
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