Eleven metal stocks fell by 1.68% to 4.22% at 12:09 IST on BSE after a private survey showed manufacturing weakened further in July in China.
JSW Steel (down 4.22%), Sesa Goa (down 3.25%), Sterlite Industries (India) (down 3.37%), Sail (down 3.6%), Hindalco Industries (down 2.9%), Tata Steel (down 1.68%), Nalco (down 1.83%), NMDC (down 1.46%), Jindal Steel & Power (down 3.35%), Hindustan Copper (down 2.3%) and Hindustan Zinc (down 2.56%) edged lower.
The BSE Metal index was down 2.31% at 7,344.54. It underperformed the BSE Sensex, which was down 1.34% at 20,029.16.
The BSE Metal index had underperformed the market over the past one month until 23 July 2013, falling 1.14% compared with the Sensex's 8.14% rise. The index also underperformed the market in past one quarter, sliding 12.94% as against 5.85% rise in the Sensex.
China's manufacturing weakened further in July, signaling the worst of the nation's slowdown has yet to be reached, according to a preliminary survey of purchasing managers. The reading of 47.7 for an index released today by HSBC Holdings Plc and Markit Economics, was less than estimated and if confirmed in the final report 1 August 2013, would be the lowest in 11 months. Readings below 50 indicate contraction.
China is the world's largest consumer of copper and aluminum.
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