Most metal stocks drop on weak Chinese data

Eight metal and mining stocks fell by 0.08% to 1.64% at 15:00 IST on BSE after lower than expected economic data in China.

Meanwhile, the S&P BSE Sensex was up 26.92 points or 0.08% at 32,204.52. The BSE Metal index was down 178.32 points or 1.27% to 13,852.66.

Among metal and mining stocks, Vedanta (down 2.14%), Tata Steel (down 0.69%), NMDC (down 0.34%), Hindalco Industries (down 0.95%), Steel Authority of India (down 0.08%), JSW Steel (down 0.21%), Hindustan Zinc (down 0.93%) and National Aluminium Company (down 1.64%) edged lower. Bhushan Steel (up 1.04%) and Jindal Steel & Power (up 3.45%) gained. China is the world's largest consumer of steel, copper and aluminum.

 

China's National Bureau of Statistics said the world's second-largest economy saw 6% annual growth in its industrial output in August, slower than 6.4% growth in July. Retail sales expanded 10.1% on year in August, compared with 10.4% in July. The data suggested that China's economy continued to cool.

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