Metal stocks shine after positive economic data from China

Nine metal and mining stocks rose 0.1% to 10.98% at 12:46 IST on BSE after latest data showed activity in China's manufacturing sector expanded again in September.

Hindustan Zinc (up 10.98% at Rs 258.85), Steel Authority of India (up 3.34% at Rs 47.90), NMDC (up 2.93% at Rs 108.80), Jindal Steel & Power (up 2.63% at Rs 78), Vedanta (up 2.41% at Rs 176.20), JSW Steel (up 2.04% at Rs 1,766.95), Tata Steel (up 1.66% at Rs 380.60), National Aluminium Company (up 1.21% at Rs 46.05) and Hindalco Industries (up 0.1% at Rs 153) edged higher. Hindustan Copper (down 0.08% at Rs 59.70) edged lower.

Meanwhile, the S&P BSE Sensex was up 297.36 points or 1.07% at 28,163.32.

The S&P BSE Metal index had underperformed the market over the past one month till 30 September 2016, sliding 3.15% compared with 1.68% fall in the Sensex. The index had, however, outperformed the market in past one quarter, gaining 14.6% as against Sensex's 3.21% rise.

Latest data released on 1 October 2016 showed activity in China's manufacturing sector expanded again in September. The official Purchasing Managers' Index (PMI) stood at 50.4 in September, identical with the previous month's level, the National Bureau of Statistics said. The non-manufacturing PMI rose to 53.7 from 53.5 in August.

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

Meanwhile, copper prices edged lower in the global commodities market. High Grade Copper for December 2016 delivery was currently off 0.02% at $2.21 per pound on the COMEX.

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