CNX Metal index dips 2%; Sesa Sterlite down 4%

Sesa Sterlite, NALCO, SAIL, Tata Steel, Jindal Steel, Hindalco, Jindal Steel, JSW Steel and Coal India are down between 1-4% on the NSE.

Shares of metal companies are trading lower up to 4% on the NSE after a private survey showed that China's services index slipped to a 3-month slow signalling signs of a sluggish economy. 

China's services purchasing managers' index (PMI) compiled by HSBC/Markit pulled back to 52.9 in October, the weakest reading since July, from 53.5 in September.

 

Sesa Sterlite, NALCO, SAIL, Tata Steel, Jindal Steel, Hindalco, Jindal Steel, JSW Steel and Coal India are down between 1-4% on the National Stock Exchange (NSE).

 

Further, Jindal Steel & Power stock was under pressure after the company reported a 12% decline in consolidated profit after tax at Rs 400 crore for the quarter ended September 30, 2014, primarily due to a 53% increase in interest and depreciation burden.

 

 

At 12 PM, CNX Metal index is down about 2% or 64.60 points at 2905.85 compared to 0.011% or 9 points rise in benchmark CNX Nifty at 8,333 mark.

 

China's services sector comprises  46.1% of gross domestic product in 2013, surpassing the secondary sector - manufacturing and construction - for the first time, as the government aims to create more jobs and boost domestic consumption.

 

Meanwhile, China's annual economic growth slowed to 7.3% in the third quarter, the weakest pace since the global financial crisis, even as the government rolled out more stimulus measures.