Metal shares gain as China PMI at 18-month high
Tata Steel, Hindalco, Sesa Sterlite, Jindal Steel, JSW Steel and SAIL 1-4% on the Bombay Stock Exchange.
Shares of metal companies are trading firm in an otherwise subdued market after a preliminary gauge of Chinese manufacturing activity reached an 18-month high in July.
Tata Steel, Hindalco Industries, Sesa Sterlite, Jindal Steel and Power, JSW Steel and Steel Authority of India are up 1-4% on the Bombay Stock Exchange (BSE).
S&P BSE Metal index, gauge of metal companies, the largest gainer among sectoral indices, up 1.5% or 200 points compared to 0.09% or 23 points decline in benchmark S&P BSE Sensex at 1205 hours.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 52.0 in July from June's final reading of 50.7, beating a forecast of 51.0 in a Reuters poll.
It was the highest reading since January 2013, and above the 50-point level that separates growth in activity from contraction for the second consecutive month, the Reuters report suggests.
Tata Steel, Hindalco Industries, Sesa Sterlite, Jindal Steel and Power, JSW Steel and Steel Authority of India are up 1-4% on the Bombay Stock Exchange (BSE).
S&P BSE Metal index, gauge of metal companies, the largest gainer among sectoral indices, up 1.5% or 200 points compared to 0.09% or 23 points decline in benchmark S&P BSE Sensex at 1205 hours.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 52.0 in July from June's final reading of 50.7, beating a forecast of 51.0 in a Reuters poll.
It was the highest reading since January 2013, and above the 50-point level that separates growth in activity from contraction for the second consecutive month, the Reuters report suggests.