National Aluminium Co (Nalco)
Nalco shares drop nearly 4% as metal stocks tumble in market selloff
National Aluminium Co (Nalco) emerged as the biggest laggard among metal stocks on Monday, with its share price falling as much as 3.89% to ₹344.65 per share. The decline came amid a broader selloff in the metal sector, driven by weakening investor sentiment. Vedanta and Hindalco shares also dropped over 3% during intraday trading, while Hindustan Zinc slipped more than 2% to touch an intraday low of ₹575 on the NSE.
The Nifty Metal index mirrored the weakness, plunging over 1.29% or 168.45 points to close at 12918.7. The broader market also came under pressure, with the Nifty 50 opening below the 23,000 mark and trading 0.93% lower at 22,925.50 at the time of reporting. The BSE Sensex declined 0.90% to 73,230.38.
Market analysts attributed the downturn to rising crude oil prices, a weakening rupee, and elevated global bond yields, which collectively dampened risk appetite. The Nifty 50 had opened at 23,064.90, briefly rose to 23,080.25, before slipping to a session low of 22,914.10.
The selloff in metal stocks reflects growing concerns over input costs and global demand outlook, even as domestic industrial activity remains under scrutiny. No specific corporate announcements were cited as direct triggers for the decline in Nalco or its peers.
Market participants are now watching for further cues from global commodity trends and currency movements, which could influence near-term trajectory of metal and mining stocks. The broader equity market's ability to stabilize will depend on how these macroeconomic factors evolve in the coming sessions.
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