February 3, 2014 / 9:58 AM / 4 years ago

REFILE-MARKET EYE-India's steelmakers fall on weak China factory PMI

(Corrects typo in second name Khandelwal in third bullet point)
* India's steelmakers fall on weak China's factory Purchasing
Managers' Index (PMI) numbers, which edged down to 50.5 in
January from December's 51, the National Bureau of Statistics
said on Saturday. 
* Shares of JSW Steel down 6.6 percent, Tata Steel
 falls 3.7 percent, Jindal Steel down 2.7
percent and Steel Authority of India down 2.6 percent.
* "Steel stocks are facing strong headwinds from increasingly
poor Chinese data that is making market participants question
the demand outlook for metal stocks. Since these stocks had
rallied between 30 to 80 percent in the last 6 months, there is
a rush to book profits," said Varun Khandelwal, fund manager,
Bullero Capital Pvt Ltd.
* However, traders feel the fall would be limited from hereon on
value buying.

 (dipika.lalwani@thomsonreuters.com)

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