Metal shares drag
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Metal shares got here below sharp promoting stress on Wednesday, monitoring weak point in international markets and a broad-based risk-off sentiment triggered by escalating geopolitical tensions in West Asia.
The Nifty Metal index fell practically 5 per cent to an intraday low of 11,690.30, down from its earlier shut of 12,269.80, reflecting heavy promoting throughout industrial, base and mining metallic counters.
Nifty Metal plunges practically 5% amid international risk-off sentiment
Tata Steel, SAIL, NMDC slide 5–8%; heavy promoting throughout the pack
National Aluminium stays the one resilient inventory
Analysts see a technical correction, with 11,650 as key assist
Shares of Tata Steel, Steel Authority of India, Hindustan Copper, Jindal Steel and Power and NMDC have been among the many prime laggards, declining between 5 per cent and seven per cent throughout the session.
Heavyweight Tata Steel tanked 7.6 per cent to a low of ₹194.80 from the earlier shut 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 one resilient inventory among the many index pack, which rose a bit over 2 per cent in early commerce to ₹371.80.
Analysts attributed the decline to a strengthening US greenback, a correction in international metallic costs and issues over potential demand disruption if geopolitical tensions persist. The latest pullback in commodities equivalent to copper and treasured metals additional dampened sentiment within the sector.
Antu Eapen Thomas, Research Analyst at Geojit Investments, attributed the sector’s weak point to stretched valuations and heightened geopolitical dangers, notably tensions within the Middle East and the Strait of Hormuz state of affairs.
He famous that declining international base metallic costs, rising coal and logistics prices, and issues over demand for important metals equivalent to copper amid international uncertainties are prone to maintain margins below stress. Thomas expects continued volatility in metallic shares till geopolitical situations stabilise.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, stated the sector’s sharp underperformance mirrors previous patterns the place metallic shares corrected after sturdy rallies attributable to profit-booking and adversarial macro cues.
He famous that the present fall seems to be extra of a technical correction following a sustained uptrend in latest months quite than a structural reversal.
Technical view
According to Shah, the metallic index has slipped beneath its short-term shifting averages and fashioned a decrease excessive on the day by day chart, indicating weakening momentum.
He sees 11,650 as an important near-term assist stage, with a sustained break doubtlessly opening the door to additional draw back in the direction of the 11,200 zone.
On the upside, 12,100 is predicted to behave as fast resistance, with stronger resistance positioned round 12,344. Until the index decisively reclaims larger ranges, the technical construction stays impartial to corrective, he added.
Meanwhile, Kunal Kamble, Senior Technical Research Analyst at Bonanza Portfolio, stated the Nifty Metal index has damaged an important assist zone of 11,850–11,900, signalling short-term weak point after a failed corrective bounce. With momentum indicators turning bearish, he sees danger of additional draw back in the direction of 11,400–11,300 and doubtlessly 11,000 if promoting persists.
The earlier assist band of 11,850–12,000 is now prone to act as resistance, and solely a powerful transfer above this stage might ease fast bearish stress, he added.
Published on March 4, 2026
