Metal shares in demand

Nine metal shares rose by 0.14% to 4.50% at 10:53 IST on BSE, following an encouraging reading on non-manufacturing activity in China.

Sesa Sterlite (up 4.50%), NMDC (up 3.73%), Tata Steel (up 3.05%), Jindal Steel & Power (up 2.65%), Hindalco Industries (up 2.08%), Sail (up 1.94%), JSW Steel (up 1.47%), Hindustan Zinc (up 1.21%) and Bhushan Steel (up 0.14%), edged higher.

The BSE Metal index was up 2.80% at 8,579.68. It outperformed the Sensex, which was up 1.47% at 19,803.22.

The BSE Metal index had outperformed the market over the past one month till 1 October 2013, rising 7.21% compared with the Sensex's 4.82% rise. The index had also outperformed the market in past one quarter, rising 5.56% as against Sensex's 0.31% decline.

China's official non-manufacturing Purchasing Managers' Index rose to a six-month high of 55.4 in September from 53.9 in August, adding to a growing roster of evidence that China's economy has turned a corner in recent months. China is the world's largest consumer of copper and aluminum.

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