Metal shares tumble after weak Chinese data

Image
Capital Market
Last Updated : Jun 20 2013 | 10:00 AM IST

Hindalco Industries (down 3.26%), Jindal Steel & Power (down 2.69%), Tata Steel (down 2.63%), Sail (down 2.21%), Sterlite Industries (India) (down 2.93%), Sesa Goa (down 2.98%), NMDC (down 1.78%), Hindustan Zinc (down 2.59%), JSW Steel (down 1.83%), Nalco (down 1.85%) and Bhushan Steel (down 0.14%), edged lower.

The BSE Metal index was down 2.67% at 7875.73. It underperformed the BSE Sensex, which was down 2.13% at 18,836.11.

Activity in China's vast manufacturing sector weakened further in June to a 9-month low as new orders faltered, a preliminary survey of purchasing managers showed on Thursday, reinforcing signs of tepid economic growth in the second quarter. The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September 2012.

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

Powered by Capital Market - Live News

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 20 2013 | 9:21 AM IST

Next Story