30 Jan , 2026 By : Debdeep Gupta
The shares of metal companies tumbled in trade, pushing the Nifty Metal index down nearly 5 percent in the early trading hours of January 30. This comes amid profit booking after a sharp gaining streak, and decline in commodity prices.
The Nifty Metal index tumbled nearly 5 percent to 11,855.85 on Friday, snapping a three-day gaining streak during which it gained nearly 9 percent. The sectoral index is currently the top loser on the market today.
Why are metal stocks falling today?
The fall in metal stocks may have been partially driven by profit booking after the rally. Additionally, metal prices significantly declined today. Gold and silver futures dropped around 6 percent each on the MCX, while Copper and aluminium futures with February expiries fell up to 4 percent in the morning trading hours.
The sharp fall in global metal prices comes amid speculations that the US Federal Reserve may get a more hawkish chair. US President Donald Trump said he intends to announce his pick to replace Fed Chair Jerome Powell on Friday, as speculation intensifies over who will lead the American central bank after Jerome Powell steps aside in May.
"So, a potentially less dovish Fed Chairman pick, a rebound in the dollar and gold giving way to overbought conditions have contributed to the decline in the price of the precious metal," Reuters quoted KCM Chief Trade Analyst Tim Waterer as saying.
Top metal losers today:
Hindustan Copper shares dropped 10.5 percent to trade at Rs 680 apiece. This comes a day after the stock jumped 20 percent to hit a fresh lifetime high of Rs 760.05 apiece. National Aluminium Company (NALCO) shares fell around 10 percent.
Vedanta shares dropped 8 percent, a day after the company released its results for the October-December quarter of the ongoing financial year 2026. The company reported a 60 percent year-on-year (YoY) jump in net profit to Rs 7,807 crore on strong base metal prices. Its net profit was Rs 4,876 crore in the year-ago period. The firm's revenue increased 19 percent to Rs 45,899 crore in Q3 FY26.
Hindustan Zinc, which is the largest producer of silver in India, saw its share price decline by 7 percent.
Hindalco Industries and NMDC shares fell around 6 percent each, while Steel Authority of India (SAIL) shares fell nearly 5 percent. Tata Steel, Jindal Steel and Lloyds Metals And Energy shares fell over 4 percent each. JSW Steel and Jindal Stainless shares fell more than 3 percent.
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