Metals shares tumble on weak Chinese data

Eight metals shares fell by 0.76% to 2.79% at 12:10 IST on BSE on weak Chinese economic data.

Sesa Sterlite (down 2.79%), NMDC (down 2.62%), Jindal Steel & Power (down 1.85%), Steel Authority of India (Sail) (down 1.56%), Hindalco Industries (down 1.16%), Tata Steel (down 1.12%), Hindustan Zinc (down 0.94%) and JSW Steel (down 0.76%), edged lower.

The S&P BSE Metal index was down 1.72% at 11,636.58. It underperformed the Sensex, which was up 89.93 points, or 0.32% at 27,950.31.

The S&P BSE Metal index had underperformed the market over the past one month till 3 November 2014, rising 4.20% compared with 4.86% rise in the Sensex. The index had also underperformed the market in past one quarter, falling 7.61% as against Sensex's 9.34% rise.

The HSBC China services purchasing managers index edged down to 52.9 in October from 53.5 in September, but most major components of the index remain solid, HSBC Holdings PLC said today, 5 November 2014. A reading above 50 indicates month-on-month expansion while a level below that points to contraction.

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

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