Metal shares slide on weak Chinese data

Ten metal shares fell by 0.27% to 3.81% at 12:10 IST on BSE amid weak Chinese data.

Vedanta (down 3.81%), Tata Steel (down 3.43%), National Aluminum Company (down 3.34%), JSW Steel (down 1.74%), Hindustan Copper (down 1.62%), Hindalco Industries (down 1.35%), Bhushan Steel (down 1.06%), NMDC (down 0.9%), Hindustan Zinc (down 0.72%) and Steel Authority of India (down 0.27%), edged lower. Jindal Steel & Power was up 5.37%.

The S&P BSE Metal index was down 1.13% at 7,385.18. It outperformed the BSE Sensex, which was down 1.28% at 27,253.28.

The S&P BSE Metal index had underperformed the market over the past one month till 20 August 2015, sliding 16.57% compared with 2.86% fall in the Sensex. The index had also underperformed the market in past one quarter, falling 24.68% as against Sensex's 0.82% decline.

In China, a flash purchasing managers' index showed Chinese manufacturing activity shrank for a sixth straight month in August. The Caixin/Markit flash purchasing managers' index today, 21 August 2015, showed Chinese manufacturing activity shrank for a sixth straight month in August, falling to 47.1 from July's final reading of 47.8 and remaining below the threshold of 50 that separates expansion from contraction. August's reading was the lowest since March 2009.

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

Powered by Capital Market - Live News