Eight metal and mining stocks rose 0.84 percent to 4.23 percent at 11:29 IST on BSE after the latest Chinese trade data topped forecasts and imports recorded their first annual rise since late 2014.
Tata Steel (up 4.23 percent at Rs 406.45), National Aluminium Company (up 3.27 percent at Rs 50.60), Steel Authority of India (up 2.79 percent at Rs 53.35), Jindal Steel & Power (up 2.18 percent at Rs 86.80), Hindalco Industries (up 1.97 percent at Rs 162.95), Vedanta (up 1.18 percent at Rs 176.15), Hindustan Copper (up 0.95 percent at Rs 69.35) and JSW Steel (up 0.84 percent at Rs 1,866) edged higher. NMDC (down 0.79 percent at Rs 113.65) and Hindustan Zinc (down 0.59 percent at Rs 227) edged lower.
The S&P BSE Metal index was up 1.24 percent. It outperformed the Sensex which was up 19.29 points or 0.07 percent at 28,945.65.
The S&P BSE Metal index had outperformed the market over the past one month till 7 September 2016, advancing 4.27 percent compared with 3.02 percent rise in the Sensex. The index had also outperformed the market in past one quarter, surging 24.56 percent as against Sensex's 7.1 percent rise.
China's imports rose 1.5 percent year-on-year in August, China's customs said today, 8 September 2016, the first rise in 22 months and beating expectations in a positive sign for the world's second-largest economy. Exports dropped 2.8 percent on-year in August, according to customs, also beating expectations.
China is the world's largest consumer of steel, copper and aluminum.
Meanwhile, copper edged higher in the global commodities market. High Grade Copper for December 2016 delivery was currently up 0.33 percent at $2.1045 per pound on the COMEX.
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Technical comment for the day: Gold