Eight metal shares rose by 1.31% to 7.20% at 14:08 IST on BSE after the latest data showed that China's economic growth accelerated in Q3 September 2013.
Sesa Sterlite (up 7.20%), Tata Steel (up 5.56%), Hindustan Zinc (up 3.72%), Hindalco Industries (up 3.42%), JSW Steel (up 3.02%), Sail (up 2.16%), Jindal Steel & Power (up 1.76%) and NMDC (up 1.31%), edged higher.
The S&P BSE Metal index was up 3.62% at 9,044.02. It outperformed the S&P BSE Sensex, which was up 1.92% at 20,807.27.
The S&P BSE Metal index had outperformed the market over the past one month till 17 October 2013, rising 3.41% compared with the Sensex's 3.09% rise. The index had also outperformed the market in past one quarter, gaining 16.44% as against Sensex's 2.34% rise.
The Chinese economy grew at an annual rate of 7.8% in Q3 September 2013, accelerating from the second quarter's 7.5% increase. The Chinese government is aiming for economic expansion of at least 7.5% this year.
Another data showed industrial production and retail sales growth in September 2013 easing off their levels from the previous month. Industrial production rose 10.2% in September 2013 from a year earlier, compared with 10.4% growth in August 2013. Retail sales climbed 13.3% in September 2013, compared with 13.4% increase in August 2013.
China is the world's largest consumer of copper and aluminum.
Powered by Capital Market - Live News
