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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The Nifty rose to a record high, and the benchmark BSE Sensex hit its record for a second consecutive session, as foreign investors bet big in a country that just months ago was gripped by market turmoil. Full Article