New Delhi: Metal stocks saw a significant decline on Thursday following a drop in silver and copper prices. Shares of major companies like Hindustan Zinc, Hindustan Copper, National Aluminium Company (NALCO), NMDC, and Hindalco fell by as much as 6.35 percent.
Hindustan Zinc, one of India’s leading silver producers, closed at ₹590 with a 6.35 percent decrease. Hindustan Copper shares dropped 5.40 percent to ₹521.50, while National Aluminium Company shares fell by 5.57 percent. Hindalco Industries shares also declined by 3.78 percent.
NMDC, a major player in mineral production, saw its shares close at ₹81.45, down by 5.47 percent.
The weakness in large metal stocks caused the Nifty Metal Index to close down by 3.40 percent, making it the worst-performing sectoral index of the day. The decline in metal shares is attributed to a significant fall in metal prices.
On the Multi Commodity Exchange (MCX), gold prices dropped by over half a percent, silver prices fell by more than three percent, and copper prices declined by nearly two percent.
The fall in metal prices is linked to rebalancing in the global commodity index, prompting major investors to sell off metal assets.
The Indian stock market ended the trading session with broad-based declines. The Sensex fell 780.18 points or 0.92 percent to 84,180.96, while the Nifty dropped 263.90 points or 1.01 percent to 25,876.85.
Besides metals, other sectoral indices also closed lower, including Nifty Energy down 2.89 percent, Nifty Oil & Gas down 2.84 percent, Nifty PSE down 2.48 percent, Nifty Commodities down 2.40 percent, Nifty PSU Bank down 2.08 percent, Nifty IT down 1.99 percent, Nifty Realty down 1.71 percent, and Nifty Pharma down 1.39 percent.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.