Hindustan Copper, SAIL, Jindal Steel, other metal stocks lose up to 8% on Monday: Why are metal sector stocks falling today?

Metal stocks like Hindustan Copper, Steel Authority of India (SAIL), Jindal Steel, NMDC, and National Aluminium Company were among top laggards on Monday, March 23, during the intraday session amid weak market sentiment.

The metal sector witnessed high selling pressure as the US-Iran conflict in West Asia entered the fourth week with high crude oil prices and dollar demand weighing down on metals.

Companies producing key minerals like iron, steel, copper, and aluminium were on investor's radar during the session due to falling commodity prices and dampening outlook for the minerals in the global market.

On Monday, March 23, 2026, the Nifty Metal index dropped more than 4.9% to hit the intraday low level of 10,848.65 points in the afternoon trading hours, NSE data showed.

How has Nifty Metal performed?

As of 1:02 p.m. on Monday, the Nifty Metal index was trading 4.91% lower at 10,852.95 points, compared to 11,412.75 points at the previous trading close last week, according to NSE data.

Over the last five market sessions, the index has lost 3.87% and is trading 9.05% lower on a one-month basis due to the escalating tensions in West Asia which has weighed down on the commodity prices in the global market.

On a year-to-date (YTD) basis, the Nifty Metal index is down 3.34% but has delivered more than 18% in the last one year period. However, the metals index has gained 183% over the last five years on the Indian stock market.

Why are metal stocks falling today?

Metal stocks were falling during the trading session on March 23, due to the rising concerns over demand amid the West Asia conflict between the United States and Iran. Analysts expect that the market is witnessing an impact from the rising oil prices and the softening demand for key minerals.

MCX copper was trading 2.92% or ₹32.40 per kilogram (kg) lower at ₹1,075.60 per kg as of 1:04 p.m. on Monday, compared to ₹1,108 per kg at the previous commodity market close, according to the exchange data.

The aluminium futures were trading 0.88% lower at ₹328.40 as of 1:05 p.m. on Monday, compared to ₹331.30 at the previous market close, as per the data collected from Multi-Commodity Exchange (MCX). Along with the key minerals, gold (-6%) and silver prices (-9%) crashed after the markets opened for trading on Monday.

With the high demand for US dollars in the market, the Bloomberg US dollar spot index was up 0.12% to 99.768 as of 3:37 a.m. (EDT) on March 23. The stronger dollar has an inverse relationship with metal prices as if the greenback rate is higher then buyers will purchase lesser of the commodity at an elevated price. This dampens the demand for the commodities despite geopolitical tensions.

Rising dollar demand combined with crude oil rates hovering over $108 per barrel, the investors are expecting higher input costs for companies operating in the sector, hence adding to the selling pressure in the market.

Top metal stocks falling today

Shares have lost over 19% in one month, and are trading 5.59% lower in the last five market sessions. However, the stock has gained 96.10% in one year, and more than 357% in the last three years.

SAIL shares are down 0.12% in the last five market sessions, and lost 7.76% in the past one month. However, in the last one year, the company’s stock has gained 25.34%, and over 68% in the last three years.

Shares of Jindal Steel have lost 1.91% over the last five trading days, and are down 8.65% in one month, NSE data showed. However, the company’s stock is trading 4.02% higher on a YTD basis, and has gained over 21% in one year, and over 99% in the last three years.

NMDC shares have lost 3.51% in the last five market sessions, and are trading more than 5% lower in the last one-month basis. Yet the shares of the company have gained 10.86% in one year, and given more than 102% returns over the last three years.

Shares of the aluminium producer have lost 5.9% over the last five trading sessions, but have gained 3.35% over the last month. NSE data also showed that National Aluminium shares were up 11.35% YTD, and have delivered more than 88% returns in one year, and 352% gains in the last three years.