Metal shares in demand

Nine metal shares rose by 0.37% to 6.28% at 13:38 IST on BSE, extending Monday's rally triggered by strong Chinese data.

Sesa Sterlite (up 6.28%), Hindustan Zinc (up 4.49%), Tata Steel (up 3.99%), JSW Steel (up 3.81%), Jindal Steel & Power (up 2.76%), Steel Authority of India (Sail) (up 2.67%), Hindalco Industries (up 2.60%), Bhushan Steel (up 1.30%) and NMDC (up 0.37%), edged higher.

The S&P BSE Metal index was up 3.92% at 13,011.97. It outperformed the Sensex, which was up 0.65% at 24,845.73. The S&P BSE Metal index rose 1.86% on Monday, 2 June 2014.

The S&P BSE Metal index had outperformed the market over the past one month till 2 June 2014, rising 27.25% compared with 10.18% rise in the Sensex. The index had also outperformed the market in past one quarter, rising 44.58% as against Sensex's 16.88% rise.

China's Purchasing Managers' Index increased to 50.8 in May, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Sunday, while authorities reduced some lenders' reserve requirement ratios as the government acts to support growth in the world's second-biggest economy.

China is the world's largest consumer of copper and aluminum.

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