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Metal stocks tumbled on Budget Sunday as gold, silver and copper prices slumped, dragging Hindustan Copper down 19% and knocking the Nifty Metal index lower. The sell-off followed a sharp correction in commodities triggered by a stronger dollar and market jitters after Donald Trump named Kevin Warsh as his pick for the next US Federal Reserve chair.
Shares of NALCO fell on Thursday, ending a four-day, 14% rally, as profit booking hit Indias metals sector. All 15 stocks on the Nifty Metal index traded lower amid cooling global commodity prices and stretched valuations.
NALCO shares hit a record high after gaining 12% in four sessions, supported by a sharp rise in global aluminium prices and tightening supply conditions. Strong demand from construction, renewables and EV sectors, along with the companys improving earnings and expansion plans, further boosted investor sentiment.
