Metal & mining stocks gain after better than expected trade data from China

Ten metal and mining stocks rose 0.3% to 5.28% at 14:05 IST on BSE after the latest data showed stronger-than-expected growth in China's exports.

China is the world's second biggest economy after the United States.

Vedanta (up 4.53%), Hindalco Industries (up 5.28%), Hindustan Zinc (up 3.82%), Tata Steel (up 2.84%), Jindal Steel & Power (up 5.27%), Steel Authority of India (up 2.42%), National Aluminium Company (up 1.53%), JSW Steel (up 0.99%), Hindustan Copper (up 2.25%) and NMDC (up 0.3%) edged higher.

The S&P BSE Metal index was up 2.28% at 7,666.80. The index outperformed the S&P BSE Sensex which was up 1.68% at 25,567.94

The S&P BSE Metal index had underperformed the market over the past one month till 12 April 2016, rising 0.21% compared with 1.73% rise in the Sensex. The index, however, outperformed the market in past one quarter, gaining 6.63% as against Sensex's 1.88% rise.

On the global macro front, China's exports rose 11.5% in March year-over-year in dollar terms. Imports declined 7.6%, compared with February's 13.8% drop.

High Grade Copper for May 2016 delivery was currently up 0.63% at $2.1605 per pound on the COMEX.

Powered by Capital Market - Live News