Metal stocks witnessed sharp selling pressure on Friday, January 30, tracking a steep correction in gold, silver and other base metals. Shares of Hindustan Zinc, Vedanta, Hindustan Copper, NALCO and other metal counters slipped significantly during the session as weakness in commodity prices dented sentiment across the sector.

Hindustan Copper plunged 10.5% to hit an intraday low of ₹679.20, while NALCO dropped 9.4% to ₹388.45. Hindustan Zinc declined 7.3% to touch a day’s low of ₹663.30. Vedanta also remained under pressure, falling as much as 6.6% to ₹714.95 during intraday trade.

The Nifty Metal index was also down over 4%, making it the top sectorak loser on NSE as against over half a percent fall in benchmark Nifty 50.

Gold, Silver rates today

The sell-off followed a sharp fall in precious metal prices. Silver prices tumbled 6% on Friday as a stronger US dollar weighed on sentiment, even though the metal remained on track for a historic monthly performance. On the MCX, silver slumped 6% to ₹3,75,900 per kg after touching a record high of ₹4,20,048 per kg in the previous session on January 29. From its peak, silver is now down nearly 10%, or over ₹44,000.

Gold prices also saw heavy selling, with MCX February gold futures crashing by more than ₹10,000, or 6%, to ₹1,59,250 per 10 grams. Copper price on MCX also declined 4% to day’s low of ₹1,355.05/

The dollar index climbed nearly 0.50% after US President Donald Trump and Democrats reached an agreement late Thursday to avoid a partial government shutdown. The US Federal Reserve’s decision to maintain a status quo on interest rates further supported the dollar, adding pressure on metal prices.

Vedanta Q3 Results

In the previous session, the metals-to-oil conglomerate Vedanta also reported a 60% year-on-year rise in consolidated net profit at ₹7,807 crore for Q3FY26, compared with ₹4,876 crore in the same quarter last year, aided by firm base metal prices. Revenue for the quarter rose 19% to ₹45,899 crore, driven by higher LME prices, improved volumes, better premiums and forex gains. The company’s revenue stood at ₹38,526 crore in Q3FY25.

Vedanta said it delivered its highest-ever quarterly EBITDA of ₹15,171 crore, up 34% year-on-year, supported by margin expansion of 629 basis points to 41%. The company’s net debt stood at ₹60,624 crore, translating into a net debt-to-EBITDA ratio of 1.23x in Q3FY26, an improvement from 1.40x in Q3FY25.

Moreover, it also announced that the five entities emerging from Vedanta Ltd’s demerger could list on stock exchanges as early as May, with three of them inheriting the parent’s $6.7 billion debt, company executives said on Thursday. The Anil Agarwal-led group received approval from the National Company Law Tribunal in December. Management said the demerger will take effect from April 1, with listings targeted for May and no later than the end of June.