Metal stocks extend gains on China optimism

Hindalco Industries (up 3% at Rs 123.60), NMDC (up 2.28% at Rs 163.80), Sail (up 2.1% at Rs 85), JSW Steel (up 1.22% at Rs 754), Bhushan Steel (up 0.9% at Rs 453.65), Jindal Steel & Power (up 0.58% at Rs 433), Sterlite Industries (India) (up 0.22% at Rs 113.45), and Tata Steel (up 0.11% at Rs 397.70) edged higher.

Hindustan Zinc (down 0.11% at Rs 142.15) and Sesa Goa (down 0.08% at Rs 187.60) edged lower.

The BSE Metal index was up 0.59% at 10,632.09. It outperformed the Sensex, which was down 41.97 points or 0.22% at 19,275.28. The BSE Metal index had jumped 238.65 points or 2.3% to settle at 10,569.90 on Friday, 14 December 2012.

 

The BSE Metal index had outperformed the market over the past one month till 14 December 2012, surging 4.8% compared with the Sensex's 3.75% rise. The index had, however, underperformed the market in past one quarter, rising 1.93% as against Sensex's 4.62% gain.

Metal stocks rose for the second straight day after data on Friday, 14 December 2012, showed that a preliminary version of HSBC's China manufacturing Purchasing Managers' Index hit a 14-month high in December 2012. The HSBC flash purchasing managers' index for December rose to 50.9, a 14-month high and the fifth straight monthly gain. A figure above 50 indicates that growth is accelerating, while one below 50 shows slowing growth. China is the world's largest consumer of copper and aluminum.

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