The Nifty Metal index fell nearly 5 per cent to an intraday low of 11,690.30, down from its previous close of 12,269.80, reflecting heavy selling across industrial, base and mining metal counters.
Tata Steel, SAIL, NMDC slide 5–8%; heavy selling across the pack
National Aluminium remains the only resilient stock
Analysts see a technical correction, with 11,650 as key support
Shares of Tata Steel, Steel Authority of India, Hindustan Copper, Jindal Steel and Power and NMDC were among the top laggards, declining between 5 per cent and 7 per cent during the session.
Heavyweight Tata Steel tanked 7.6 per cent to a low of ₹194.80 from the previous close of ₹211.01. Steel Authority of India plunged 8 per cent to a low of ₹152.40. NMDC fell over 5 per cent to ₹76.75.
National Aluminium Company is the only resilient stock among the index pack, which rose a little over 2 per cent in early trade to ₹371.80.
Analysts attributed the decline to a strengthening US dollar, a correction in global metal prices and concerns over potential demand disruption if geopolitical tensions persist. The recent pullback in commodities such as copper and precious metals further dampened sentiment in the sector.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, said the sector’s sharp underperformance mirrors past patterns where metal stocks corrected after strong rallies due to profit-booking and adverse macro cues.
He noted that the current fall appears to be more of a technical correction following a sustained uptrend in recent months rather than a structural reversal.
Technical view
According to Shah, the metal index has slipped below its short-term moving averages and formed a lower high on the daily chart, indicating weakening momentum.
He sees 11,650 as a crucial near-term support level, with a sustained break potentially opening the door to further downside towards the 11,200 zone.
On the upside, 12,100 is expected to act as immediate resistance, with stronger resistance placed around 12,344. Until the index decisively reclaims higher levels, the technical structure remains neutral to corrective, he added.
Published on March 4, 2026