Metal shares slip after China trims 2014 GDP growth rate

Seven metal shares fell by 0.1% to 1.93% at 10:23 IST on BSE after China revised down 2014 gross domestic product growth to 7.3% from a previously reported 7.4%.

NMDC (down 1.93%), Jindal Steel & Power (down 1.53%), Hindalco Industries (down 1.29%), Hindustan Zinc (down 0.91%), JSW Steel (down 0.34%), Bhushan Steel (down 0.2%) and Hindustan Copper (down 0.1%), edged lower.

Vedanta (up 0.21%), Steel Authority of India (up 0.42%), Tata Steel (up 0.75%) and National Aluminium Company (up 1.68%), edged higher.

The S&P BSE Metal index was down 0.50% at 7,081.23. It underperformed the BSE Sensex, which was down 0.08% at 25,180.65.

The S&P BSE Metal index had underperformed the market over the past one month till 4 September 2015, sliding 19.18% compared with 10.22% fall in the Sensex. The index had also underperformed the market in past one quarter, falling 23.42% as against Sensex's 6.01% decline.

China's National Bureau of Statistics on Monday, 7 September 2015, revised down 2014 gross domestic product (GDP) growth to 7.3% from a previously reported 7.4%.

This growth revision comes on the back of comments by China's Finance Minister Lou Jiwei over the weekend that GDP growth will remain around 7% in 2015, as predicted earlier in the year, and the new economic normal may last for four to five years.

A lower GDP number for 2014 should also make year-on-year comparisons for economic growth in 2015 more favorable.

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

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