Hindustan Copper, Vedanta, Hindalco fall up to 10%: Why are metal stocks down?
India Today
The Nifty Metal index slipped close to 5% to 11,855.85, ending its three-day winning run during which it had gained nearly 9%. On Friday, the metal index emerged as the worst-performing sector on Dalal Street.
Metal stocks came under heavy selling pressure on January 30, dragging the Nifty Metal index down by nearly 5% in early trade. The fall was mainly driven by profit booking after a strong rally in recent sessions, along with weakness in global commodity prices and cautious mood in the broader market.
The Nifty Metal index slipped close to 5% to 11,855.85, ending its three-day winning run during which it had gained nearly 9%. On Friday, the metal index emerged as the worst-performing sector on Dalal Street.
The broader market also opened lower after three straight days of gains. Both the Sensex and Nifty fell by more than half a % in early trade, even as the Economic Survey pointed to steady growth prospects for the Indian economy. Weak sentiment across global markets and selling in key sectors added to the pressure.
Metal stocks declined mainly due to profit booking. Over the past one month, most metal stocks had risen sharply and outperformed the broader market. Several stocks from the sector had gained as much as 56% till Thursday, while many touched their all-time highs on January 29, 2026.
In the last one month, the Nifty Metal index had climbed 16%, while the Nifty 50 had slipped by around 2% during the same period. After such a sharp rise, investors chose to book profits, leading to a broad-based sell-off across metal counters.
Apart from metals, IT stocks also saw selling pressure in early trade. This cautious approach by investors pushed most sectoral indices into the red.
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