Metal and mining stocks gain

Shares of eight metal and mining firms rose by 0.33% to 4.07% at 12:31 IST on BSE after High Grade Copper for December 2015 delivery was trading higher by 0.31% at $2.3950 per pound on the COMEX.

Vedanta (up 2.6%), Tata Steel (up 2.3%), Hindalco Industries (up 4.07%), Steel Authority of India (up 1.96%), NMDC (up 0.81%), Bhushan Steel (up 1.14%), JSW Steel (up 0.33%), and Jindal Steel & Power (up 1.01%) edged higher. Hindustan Zinc (down 0.66%), National Aluminium Company (down 0.49%) and Hindustan Copper (down 0.75%) fell.

The S&P BSE Metal index was up 0.76% at 7,606.01 and was the top gainer among the sectoral indices on the BSE. The index outperformed the S&P BSE Sensex which was off 0.12% at 26,813.18.

The S&P BSE Metal index underperformed the market over the past one month till 12 October 2015, rising 4.87% compared with 5.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 15.34% as against Sensex's 2.74% decline.

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