Shares of metal companies are trading lower in the range of 3-5% on the Bombay Stock Exchange (BSE) due to weak manufacturing data from China. China is the world's largest consumer of copper and aluminum.
“The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September,” the Reuters report suggests.
The Bombay Stock Exchange (BSE) metal index, the second largest loser among sectoral indices in percentage terms, is down 3.5% compared to 1.9% fall in benchmark Sensex.
Among the individual stocks, Jindal Steel and Power and Tata Steel are down 5% each at Rs 233 and Rs 277 respectively. Hindalco Industries and Sterlite Industries have fallen 4% each at Rs 100 and Rs 82 respectively, while Sesa Goa is down 3% at Rs 141 on BSE.
“The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September,” the Reuters report suggests.
The Bombay Stock Exchange (BSE) metal index, the second largest loser among sectoral indices in percentage terms, is down 3.5% compared to 1.9% fall in benchmark Sensex.
Among the individual stocks, Jindal Steel and Power and Tata Steel are down 5% each at Rs 233 and Rs 277 respectively. Hindalco Industries and Sterlite Industries have fallen 4% each at Rs 100 and Rs 82 respectively, while Sesa Goa is down 3% at Rs 141 on BSE.
