Metals decline on weak China PMI data; Tata Steel down over 4%

MUMBAI: Shares of metal companies were down on profit-booking as sentiment turned bearish after China’s PMI data for the month of September was below estimate.

The final HSBC Purchasing Managers' Index (PMI) edged up to 50.2 from 50.1 in August. The survey was below last week's flash reading of 51.2.

"The final reading was weaker than the flash and it showed that activity has weakened in the last 10 days," said Tao Wang, an economist at UBS in Hong Kong to Reuters.

Shares of Indian metal companies had been on an upmove on the back of better PMI data reports from China. They are correcting on the back of final September PMI data.

At 11:20 a.m.; Tata Steel was down 4.78 per cent, Hindalco was 1.27 per cent lower, SAIL fell 3.23 per cent, JSW Steel was 2.65 per cent lower and Jindal Steel declined 0.68 per cent.