Analysts said that the metal space is again a renewed strength after a healthy consolidation phase. They said that strong metal prices will help support or boost the company's profits going forward.
Nifty may remain rangebound in near-term; investors may prefer a calibrated strategy - staying invested while selectively booking profits in overheated stocks, says Ajit Mishra of Religare Broking.
Goldman Sachs has initiated coverage of Indian metal (steel) stocks as itsees India as the next steel demand driver. It is bullish on Tata Steel, JSW Steel, Shyam Metalics among others
Street expects Vedanta's profit to rise sharply in Q4, with adjusted PAT estimated to grow up to 174 per cent Y-o-Y, driven by higher realisations and improved operating performance across segments
Buying in the metal sector came amid an overall positive market amid optimism around progress in US-Iran negotiations, which helped ease geopolitical tensions and lift global investor sentiment
Most brokerages expect a healthy improvement in earnings for the ferrous sector, with Ebitda growth likely on both a year-on-year (Y-o-Y) and quarter-on-quarter (Q-o-Q) basis
Ajit Mishra expects upside momentum to continue in metal shares for now. Among individual stocks he predicts up to 18% upside in Jindal Steel, National Aluminium and NMDC.
Stock market today: Indian equity benchmark indices Sensex and Nifty staged a sharp recovery on Thursday, April 2, driven by a stronger rupee and selective buying across certain sectors
The Nifty Metal index fell over 3 per cent to hit an intraday low of 11,052.55, dragged by Hindustan Copper, Hindustan Zinc, APL Apollo Tubes, Tata Steel, SAIL, Adani Enterprises, and Jindal Steel
The Nifty50 is expected to close the fiscal year 2026 (FY26) with nearly 3 per cent loss, against a 5.3 per cent gain in the preceding financial year.
Nifty Metal fell as much as 1.6 per cent in trade to day's low at 11,156.7. At 10:49 PM, 14 out of 15 stocks on the index traded with losses
The Nifty Metal index, which tracks 15 companies from the metals and mining sector, plunged 4.71 per cent to hit an intraday low of 10,874 on the NSE
Excluding National Aluminium, 14 of 15 index constituents rose on Friday, with Lloyds Metals & Energy, Tata Steel, JSW Steel, Jindal Steel, and APL Apollo Tubes gaining over 3 per cent each
According to analysts, the broader weakness in metal stocks reflects the risk-off sentiment across global markets amid rising geopolitical tensions
Metal shares declined on Wednesday, following weakness in global markets and a broad-based risk-off sentiment triggered by escalating geopolitical tensions in West Asia
Tata Steel, JSW Steel and Jindal Steel hit their respective all-time highs on the NSE today
Steel prices have rebounded and domestic demand is firm, while non-ferrous metals benefit from tight LME inventories and global supply issues, supporting a positive near-term view on metal stocks
Thus far in CY26, the Nifty Metal has been the best performing sectoral index that moved up around 10 per cent, ACE Equity data shows. In comparison, the Nifty 50 index lost nearly 1 per cent
The stock fell to an intraday low of ₹702.40 per share before paring some losses. Around 11 AM, Vedanta was trading 6.93 per cent lower at ₹713, underperforming the broader market.
The counter rose 7 per cent to ₹436.50, the highest level since November 12, 2010, on the National Stock Exchange, according to data on Bloomberg