Metals shine after strong China PMI data

The Nifty Metal index jumped 3.76% to 1,564.35 after factory data in China unexpectedly expanded in March, hinting at a rebound in activity.

Vedanta (up 7.39%), Hindalco Industries (up 6.48%), Jindal Steel & Power (up 5.37%), JSW Steel (up 4.39%), Tata Steel (up 4.11%), NMDC (up 3.64%), Steel Authority of India (up 3.44%), Hindustan Zinc (up 2.65%), Coal India (up 2.21%) and National Aluminium Company (up 1.6%) were top gainers in metal segment.

The Nifty Metal index has fallen 30.35% in March 2020 so far.

China's official manufacturing purchasing managers' index (PMI) bounced to 52 in March, up from a record-low 35.7 in February.

 

China is the world's largest producer and consumer of industrial metals. A rebound in Chinese economy could boost demand for industrial metals.

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