 "Metal shares rally on upbeat Chinese economic data")
Shares of metal companies are in limelight trading higher by up to 8% on back of stronger-than-expected retail and industrial growth in China, the world’s largest user of the metal.
JSW Steel, SAIL, Tata Steel, Hindalco Industries, NMDC and Sesa Goa are up 2-8% on the Bombay Stock Exchange (BSE).
The S&P BSE Metal index, the largest gainer among sectoral indices, was up 3% as compared to 0.40% fall in benchmark S&P BSE Sensex at 1455 hours.
The metal index trading at its three-month high, it has outperformed the market over the past one month, rising 20% compared to 4.85% rise in Sensex .
The data from the National Bureau of Statistics revealed that industrial production in China increased 10.4% yoy in August. The Chinese retail sales also grew by 13.4% annually, faster than the 13.3% increase expected by the economists.
Among the individual stocks, JSW Steel has surged 8% to Rs 639, followed by SAIL (up 6%), Tata Steel (up 5%) and Hindalco Industries (4%).
JSW Steel, SAIL, Tata Steel, Hindalco Industries, NMDC and Sesa Goa are up 2-8% on the Bombay Stock Exchange (BSE).
The S&P BSE Metal index, the largest gainer among sectoral indices, was up 3% as compared to 0.40% fall in benchmark S&P BSE Sensex at 1455 hours.
The metal index trading at its three-month high, it has outperformed the market over the past one month, rising 20% compared to 4.85% rise in Sensex .
The data from the National Bureau of Statistics revealed that industrial production in China increased 10.4% yoy in August. The Chinese retail sales also grew by 13.4% annually, faster than the 13.3% increase expected by the economists.
Among the individual stocks, JSW Steel has surged 8% to Rs 639, followed by SAIL (up 6%), Tata Steel (up 5%) and Hindalco Industries (4%).