Eight metal and mining shares rose by 0.42% to 4.39% at 11:46 IST on BSE after China manufacturing gauge rose to a five-month high in May 2014.
Hindustan Zinc (up 4.39%), Sesa Sterlite (up 3.59%), Tata Steel (up 2.85%), NMDC (up 2.67%), Steel Authority of India (Sail) (up 2.59%), Jindal Steel & Power (up 1.22%), JSW Steel (up 1.15%) and Bhushan Steel (up 0.42%), edged higher.
However, Hindalco Industries fell 1.47% to Rs 157.25 on profit booking. The stock had gained 15.31% in four trading days to settle at Rs 159.60 on Wednesday, 21 May 2014, from recent low of Rs 138.40 on 15 May 2014. Novelis, Hindalco's US subsidiary, on Friday, 16 May 2014, said its net income attributable to its common shareholder was $54 million in Q4 March 2014, lower than $59 million in Q4 March 2013. Excluding certain tax-effected items, net income was $75 million in Q4 March 2014. Net sales rose to 1.96% to $2.54 billion in Q4 March 2014 over Q4 March 2013.
The S&P BSE Metal index was up 2.77% at 12,396.91. It outperformed the S&P BSE Sensex, which was up 0.67% at 24,460.11.
The S&P BSE Metal index had outperformed the market over the past one month till 21 May 2014, rising 14.94% compared with 6.73% rise in the Sensex. The index had outperformed the market in past one quarter, rising 34.48% as against Sensex's 17.38% rise.
The China manufacturing purchasing managers' index released today by HSBC Holdings Plc and Markit Economics delivered a provisional reading of 49.7 for May, rising from 48.1 in April. Readings below 50 indicate contraction. China is the world's largest consumer of copper and aluminum.
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