Stock market today saw heavy pressure in metal counters. What started as mild weakness quickly turned into a broad sell-off, pulling the Nifty Metal index down nearly 5% during early trade on January 30.
From Hindustan Copper and NALCO to Vedanta, Hindustan Zinc, Hindalco Industries, NMDC, and Steel Authority of India (SAIL), selling was spread across the sector. Even large names like Tata Steel, JSW Steel, Jindal Steel, Jindal Stainless, and Lloyds Metals and Energy could not escape the pressure.
At Samco Securities, this move clearly reflects a classic market phase—sharp gains followed by fast profit-taking, amplified by weakness in commodity prices.
Market Performance: Metal Index Turns Top Loser
The Nifty Metal index slipped nearly 5% to 11,855.85, snapping a three-session winning streak where it had gained almost 9%.
As markets opened, metal stocks struggled to hold on to recent highs. Sellers dominated early trade, making metals the worst-performing sector on the market today.
This shift in sentiment was swift and decisive.
Why Metal Stocks Are Falling Today?
The fall did not come out of nowhere. It followed a strong rally and arrived alongside a sharp drop in metal prices.
Two factors stood out clearly:
1. Profit Booking After a Sharp Rally
Metal stocks had run up sharply over the past few sessions. As prices peaked, traders locked in gains, triggering widespread selling across the sector.
2. Decline in Commodity Prices
Commodity markets weakened sharply during morning trade:
- Gold futures fell around 6%
- Silver futures dropped nearly 6%
- Copper futures (Feb expiry) declined up to 4%
- Aluminium futures (Feb expiry) also fell up to 4%
This fall in global and domestic metal prices directly impacted metal stocks, dragging down sentiment across the board.
Key Metal Stocks Under Pressure
Hindustan Copper Share Price
Hindustan Copper shares plunged 10.5% to around ₹680.
This came just a day after the stock surged 20%, touching a fresh lifetime high of ₹760.05. The sharp fall highlights how quickly sentiment can reverse after a steep rally.
NALCO Share Price
NALCO shares declined nearly 10%, tracking the broader weakness in aluminium and base metal prices.
Vedanta Share Price
Vedanta shares dropped around 8%.
The fall came a day after the company announced its Q3 FY26 results:
- Net profit rose 60% YoY to ₹7,807 crore
- Net profit (Q3 FY25) stood at ₹4,876 crore
- Revenue increased 19% to ₹45,899 crore
Despite strong numbers, the stock faced selling pressure as the overall metal sector turned weak.
Hindustan Zinc Share Price
Hindustan Zinc, India’s largest silver producer, saw its shares decline around 7%, reacting to the sharp drop in silver prices.
Hindalco, NMDC and SAIL Shares
- Hindalco Industries fell around 6%
- NMDC shares slipped nearly 6%
- Steel Authority of India (SAIL) dropped close to 5%
Other Steel Stocks
Selling pressure extended to steel majors as well:
- Tata Steel, Jindal Steel, and Lloyds Metals and Energy fell over 4%
- JSW Steel and Jindal Stainless declined more than 3%
What This Move Tells the Market?
Today’s action reinforces a familiar market pattern. When sectors rise sharply in a short span, even a small trigger—like falling commodity prices—can lead to aggressive profit booking.
For metal stocks, price momentum paused as global cues weakened and recent gains were locked in.
Summary: Metals Face Broad-Based Selling
- Nifty Metal index slipped nearly 5%
- Hindustan Copper, NALCO fell up to 10%
- Vedanta dropped 8% despite strong quarterly numbers
- Hindustan Zinc, Hindalco, NMDC, and SAIL saw sharp declines
- Steel stocks including Tata Steel, JSW Steel, and Jindal Stainless also ended lower
- Profit booking and falling metal prices drove the sell-off
As of stock market today, metal stocks remain under pressure, reminding investors how quickly sentiment can change after a strong rally.
Source: Moneycontrol
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