The metal sector stocks in India experienced a sharp decline in early morning trades on January 30, 2026, with the Nifty Metal index falling around 4.57% to 11,907.50. This contrasted with milder losses in broader indices, such as the Nifty 50 down 0.70% to 25,242.00 and the S&P BSE Sensex down 0.58% to 82,090.53.
Key Declines in Metal Stocks (As of9:40 AM )
- Hindalco — down 5.49% on BSE (₹968.55) / 4.97% on NSE (₹973.20)
- Hindustan Zinc — down 6.41% on BSE (₹669.70) / 5.13% on NSE (₹678.50)
- Vedanta — down 6.51% on BSE (₹716.20) / 5.96% on NSE (₹720.70)
- NALCO — down 8.52% on BSE (₹392.40) / 7.63% on NSE (₹396.15)
- Jindal Steel & Power — down 4.01% on BSE (₹1,108.90) / 4.32% on NSE (₹1,109.50)
- JSW Steel — down 3.05% on BSE (₹1,200.05) / 2.91% on NSE (₹1,201.50)
- Tata Steel — down 3.63% on BSE (₹195.00) / 3.46% on NSE (₹195.32)
- SAIL — down 3.78% on BSE (₹151.30) / 3.87% on NSE (₹151.10)
- NMDC — down 4.20% on BSE (₹81.14) / 3.79% on NSE (₹81.39)
- MOIL — down 3.17% on BSE (₹366.80) / 2.69% on NSE (₹368.65)
- Coal India — down 2.33% on BSE (₹445.30) / 2.19% on NSE (₹445.75)
The primary trigger for the sell-off in the metal sector was a steep decline in copper prices. Copper futures on the Multi Commodity Exchange (MCX) slipped over 2% to around ₹1,378 per kg. Globally, copper futures dropped more than 3% to around $6 per pound, reversing prior session gains after a strong rally in metals earlier in the week.
The correction in copper prices stemmed from aggressive profit booking by traders. Copper had rallied to elevated levels alongside other metals like gold and silver (which also saw volatility and corrections around this period), leading to stretched valuations and increased volatility that prompted locking in gains.
A rebound in the US dollar added pressure, as a stronger dollar typically weighs on dollar-denominated commodities by making them costlier for non-US buyers and encouraging short-term selling.
