Vedanta, Hindustan Copper, Hindustan Zinc, SAIL, Tata Steel, JSW Steel shares tumble as Nifty Metal hits 10-month low
Stocks such as Vedanta Ltd, Hindustan Copper Ltd, Hindustan Zinc Ltd, Steel Authority of India Ltd (SAIL), Tata Steel Ltd and JSW Steel posting sharp declines.
- Feb 1, 2026,
- Updated Feb 1, 2026 10:55 AM IST
Shares of major metal companies came under heavy selling pressure during Sunday's special trading session, with stocks such as Vedanta Ltd, Hindustan Copper Ltd, Hindustan Zinc Ltd, Steel Authority of India Ltd (SAIL), Tata Steel Ltd and JSW Steel posting sharp declines.
According to Ravi Singh, Chief Research Officer at Mastertrust, the sell-off was broad-based across the sector. "Metal stocks saw heavy pressure today, with the Nifty Metal index sliding nearly 5 per cent intraday, marking its worst single-day fall in the last 10 months. Weakness in global commodity prices dragged the sector lower. Hindustan Copper and Vedanta were the biggest laggards, while other major stocks such as Hindustan Zinc, Hindalco, SAIL, Tata Steel and JSW Steel also declined," he said.
"The decline followed weakness in global metal prices, triggered by a stronger US dollar. The dollar index rose about 0.5 per cent after US lawmakers reached an agreement to avert a partial government shutdown. The US Federal Reserve's decision to keep interest rates unchanged further supported the dollar, putting pressure on both base and precious metals worldwide," Singh also said.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, attributed part of the fall to profit booking. "Metal stocks have rallied significantly over the past two to three months. We are now seeing profit booking following a sharp correction in precious as well as base metals," he said.
The sell-off came on a day when domestic markets were open for a special trading session, as Union Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2026 shortly. The rare weekend session was arranged to allow investors to respond to Budget announcements in real time.
Shares of major metal companies came under heavy selling pressure during Sunday's special trading session, with stocks such as Vedanta Ltd, Hindustan Copper Ltd, Hindustan Zinc Ltd, Steel Authority of India Ltd (SAIL), Tata Steel Ltd and JSW Steel posting sharp declines.
According to Ravi Singh, Chief Research Officer at Mastertrust, the sell-off was broad-based across the sector. "Metal stocks saw heavy pressure today, with the Nifty Metal index sliding nearly 5 per cent intraday, marking its worst single-day fall in the last 10 months. Weakness in global commodity prices dragged the sector lower. Hindustan Copper and Vedanta were the biggest laggards, while other major stocks such as Hindustan Zinc, Hindalco, SAIL, Tata Steel and JSW Steel also declined," he said.
"The decline followed weakness in global metal prices, triggered by a stronger US dollar. The dollar index rose about 0.5 per cent after US lawmakers reached an agreement to avert a partial government shutdown. The US Federal Reserve's decision to keep interest rates unchanged further supported the dollar, putting pressure on both base and precious metals worldwide," Singh also said.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, attributed part of the fall to profit booking. "Metal stocks have rallied significantly over the past two to three months. We are now seeing profit booking following a sharp correction in precious as well as base metals," he said.
The sell-off came on a day when domestic markets were open for a special trading session, as Union Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2026 shortly. The rare weekend session was arranged to allow investors to respond to Budget announcements in real time.