Metals stocks shine after positive Chinese data

The Nifty Metal index was up 1.1% to 1,733.90, bucking weak market trend as China's positive industrial output data boosted sentiment.

Steel Authority of India (up 4.8%), Hindustan Zinc (up 2.78%), NMDC (up 2.01%), Tata Steel (up 1.56%), Hindalco Industries (up 1.07%), National Aluminium Company (up 0.88%) and JSW Steel (up 0.63%) were top gainers in metal segment.

China's value-added industrial output, an important economic indicator, returned to growth in April as factory activities gradually recovered amid easing containment measures against the novel coronavirus, official data showed Friday. The value-added industrial output went up 3.9% year-on-year last month, rebounding from the 1.1% drop in March and 13.5% slump seen in the first two months of the year, according to data from the National Bureau of Statistics (NBS).

China's manufacturing sector has been significantly impacted by the slowing export demand due to the economic impact emerging from the global coronavirus pandemic. China is the world's largest producer and consumer of industrial metals. A rebound in Chinese economy could boost demand for industrial metals.

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