Nifty Metal index dips 3% on profit booking; Hindustan Zinc, Nalco slip 6%

However, in the past one month, the Nifty Metal index has rallied 10 per cent, as against 0.17 per cent rise in the Nifty 50.

Share price of metal companies today

 

Shares of metal companies slipped up to 6 per cent on the National Stock Exchange (NSE) in Thursday’s intra-day trade on profit booking.

 

Hindustan Zinc and National Aluminium Company (Nalco) plunged 6 per cent each, while, Jindal Stainless, Vedanta, Hindustan Copper, Jindal Steel, NMDC, Hindalco Industries, JSW Steel and Lloyds Metals and Energy were down in the range of 4 per cent to 5 per cent.

 

At 11:35 AM; Nifty Metal index, the top loser among sectoral indices, was down 3.4 per cent, as compared to 0.65 per cent decline in the Nifty 50.

 

However, in the past one month, the Nifty Metal index has rallied 10 per cent, as against 0.17 per cent rise in the benchmark index.  CATCH STOCK MARKET LIVE UPDATES TODAY

Metal shares decline on profit booking today

 

Copper fell almost 3 per cent due to profit booking. Commodities also faced pressure from a firmer dollar as markets braced for a heavy slate of US economic data that could shape the Federal Reserve’s policy outlook. Meanwhile, China’s central bank said it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, supporting the overall demand outlook, according to Axis Securities.

 

Among individual stocks, Hindustan Zinc slipped 6 per cent to ₹588.35 in intra-day deals. The stock had hit a 52-week high of ₹656.35 on December 29, 2025. In the past one month, it has rallied 20 per cent.

 

Hindustan Zinc in the Q2 earnings conference call said that the favourable commodity momentum plays directly into the company’s strength as a leading integrated producer of zinc, lead and silver, the sustained firmness in zinc and lead price continues to support stable profitability in base metal business.

 

Looking ahead, Hindustan Zinc has revised its FY26 refined metal guidance to 1,075 plus/minus 10 thousand tons per annum and silver guidance to 680 tons plus/minus 10 tons per annum, considering lower plant availability and lower silver input during the first half of the year.

 

Share price of Nalco dipped 6 per cent to ₹331.75 on the NSE in intra-day trade. In the past one month, the stock zoomed 25 per cent.

 

In Q2FY26 Alumina prices averaged at ~$360/t and spot prices were around $320-$340/t. Management expects prices to sustain in H2FY26 at similar levels of $320-$340/ton based on historical trends. The softness in prices is due to new refinery capacity commissioning in Indonesia/China and some smelting capacity curbs, increasing alumina availability.

 

Meanwhile, in Q2FY26 aluminium price average was ~$2,597/t. Management expects H2FY26 LME to be in the range of $2,800 - $2,900/t (spot LME at $2,850/t).

 

Nalco’s timely expansion and ramp-up of the 5th stream Alumina refinery with a 1 million tonnes per annum (MTPA) capacity by FY27 will be crucial. The capex for it has already undergone a cost overrun. The company has plans of ₹30,000 crore capex for the 0.5 MTPA smelter and 1,080 MW CPP. The capex will increase from FY28, and execution will be the key. It has guided a capital structure of a 70:30 leverage ratio for the expansion, analysts at Axis Securities said in the Q2 result update.  ==============================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.