Steel shares fall on lower-than-expected China PMI
Reuters Market Eye - Shares in steel companies fall on concerns that a lower-than-expected reading of China's PMI by HSBC may weigh on the short-term prospect, dealers say.
Tata Steel (TISC.NS) slumps 6.3 percent, Steel Authority of India falls 2.6 percent, while JSW Steel (JSTL.NS) is down 0.4 percent.
The final HSBC Purchasing Managers' Index (PMI) edged up to 50.2 in September from August's 50.1, although that was below last week's flash reading of 51.2, with domestic orders proving to be weaker than preliminary estimates suggested.
(Reporting by Abhishek Vishnoi)
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article