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Metal stocks shine after strong Chinese economic data

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of ten metal & mining companies gained 0.13% to 2.11% at 12:15 on on strong Chinese economic data.

Meanwhile, the S&P Sensex was up 50.53 points or 0.16% at 32,071.28.

JSW Steel (up 1.35%), Hindustan Copper (up 1.01%), Vedanta (up 2.06%), Hindalco Industries (up 1.44%), Hindustan Zinc (up 1.99%), Jindal Steel & Power (up 2.11%), Tata Steel (up 0.38%), Steel Authority of India (Sail) (up 0.81%), National Aluminum Company (up 0.21%) and NMDC (up 0.13%) gained. Bhushan Steel fell 2.58%.

The S&P Metal index had outperformed the market over the past one month till 14 July 2017, gaining 7.09% compared with 2.78% gains in the Sensex. The index had, however, underperformed the market in past one quarter, gaining 5.24% as against Sensex's 8.69% gains. The index had outperformed the market in past one year, gaining 28.46% as against Sensex's 14.6% rise.

Among economic data in China, industrial output in China expanded at a faster pace in June, an indication of continued firmness in the world's second-largest economy, official data showed. Value-added industrial output, a rough proxy for economic growth, rose by 7.6% in June from a year earlier, compared with a 6.5% increase in May, the National Bureau of Statistics said.

Separately, China's economy showed surprising resilience in the second quarter, as Beijing's efforts to rein in financial leverage and property speculation had a smaller-than-expected impact on growth. The economy expanded by 6.9% in the second quarter, unchanged from the first quarter, according to figures released by the National Bureau of Statistics. Both the data were announced today, 17 July 2017.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 12:40 IST