Metal stocks reverse direction in volatile trade

Metal and mining stocks were down by 0.66% to 2.02% at 11:07 IST on BSE, reversing intraday gains triggered by good Chinese economic data.

Sesa Goa (down 1.13%), Sterlite Industries (down 0.66%), Hindalco Industries (down 2.72%), Sail (down 1.09%), Tata Steel (down 2.09%), JSW Steel (down 2.79%) and Hindustan Zinc (down 2.02%) edged lower. NMDC rose 0.46%. Jindal Steel & Power (JSPL) gained 0.35%.

In volatile trade, metal and mining stocks reversed intraday gains triggered by data showing that China's official version of the manufacturing Purchasing Managers' Index (PMI) has unexpectedly risen in July. China is the world's largest consumer of copper and aluminum.

The BSE Metal index was down 1.23% at 6,797.63. It underperformed the BSE Sensex, which was up 0.02% at 19,350.38.

The BSE Metal index underperformed the market over the past one month till 31 July 2013, falling 11.24% compared with the Sensex's 0.26% fall. The scrip had also underperformed the market in past one quarter, sliding 20.44% as against Sensex's 0.81% decline.

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