Metal stocks outperformed the broader market on Thursday, January 29, with several Nifty Metal constituents extending their upward momentum despite overall market weakness. Shares of Hindustan Copper, National Aluminium, and Jindal Steel led the gains, reflecting strong investor interest in the sector.
Positive sentiment around metal stocks was driven by a sharp surge in base metal prices globally. This rally has been supported by a softer US dollar, increasing demand for tangible assets, and heightened geopolitical tensions amid a more assertive foreign policy approach by the Donald Trump administration.
Hindustan Copper emerged as the top gainer in the index, soaring 19 percent to hit a new record high of ₹743. National Aluminium followed, rising 3.8 percent, while Jindal Steel added 3.6 percent. Other metal majors such as Hindalco Industries, NMDC, Vedanta, Tata Steel, SAIL, and Hindustan Zinc also posted gains ranging from 1 to 3 percent.
Meanwhile, the US dollar remained under pressure even after the Federal Reserve kept interest rates unchanged. The dollar index slipped a further 0.26 percent to 96.02, staying close to a four-year low. The greenback has fallen over 9 percent in 2025 and continued to weaken in early 2026, boosting the appeal of metals.
Base metal prices remained strong, with aluminium and other metals on the LME posting notable gains, reinforcing optimism in the sector.