Metal shares slide on weak Chinese data

Nine metal shares fell by 0.08% to 4.97% at 10:27 IST on BSE after factory activity in China weakened in August 2014.

Bhushan Steel (down 4.97%), NMDC (down 1.45%), Steel Authority of India (down 1.44%), Tata Steel (down 1.27%), Sesa Sterlite (down 1.12%), JSW Steel (down 0.77%), Hindustan Zinc (down 0.44%), Hindalco Industries (down 0.22%) and Jindal Steel & Power (down 0.08%), edged lower.

The S&P BSE Metal index was down 0.61% at 12,927.34. It underperformed the Sensex, which was up 0.17% at 26,358.71.

The S&P BSE Metal index had underperformed the market over the past one month till 20 August 2014, sliding 1.95% compared with 2.62% rise in the Sensex. The index had, however, outperformed the market in past one quarter, rising 8.12% as against Sensex's 7.95% rise.

The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 in August 2014 from July's 18-month high of 51.7, missing forecasts.

The index, based on a survey of a factory purchasing managers, uses a 100-point scale on which numbers below 50 indicate contraction.

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

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