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Metal shares hardens after China's manufacturing data

SI Reporter/Mumbai 01 Jan 13 | 02:24 PM
 Jindal Steel & Power Ltd

BSE   26 Oct 16 | 04:01 PM

76.85  0 (0%)

NSE   26 Oct 16 | 03:59 PM

76.85  0.05 (0.07%)

Shares of metal companies are in limelight on the bourses after China's official manufacturing purchasing managers' index reported a steady growth in December at 50.6, matching November's seven-month high.

The Bombay Stock Exchange (BSE), Metal index the second largest gainer among the sectoral indices, is up nearly 2% compared to less than 1% rise in benchmark Sensex at 1350 hours.

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Among the individual stocks,Jindal Steel and Power has surged 3% to Rs 459, followed by Tata Steel and Hindalco Industries are up 2.3% each at Rs 438 and Rs 134 respectively.

Sterlite Industries, SAIL, JSW Steel, NMDC and Sesa Goa are up 2% each on the BSE.

“With the main index above 50 for three straight months, the survey indicates that China's vast factory sector is expanding," the Reuters report suggests. China is the world's largest consumer of copper and aluminum.

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