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Informist, Friday, Jul. 24, 2026

 

MUMBAI – Shares of metal companies, especially ferrous, are expected to remain under pressure amid weak demand and falling steel prices, according to analysts. Market participants will monitor the June quarter earnings of metal companies, with Tata Steel Ltd. slated to release its results Thursday. The Nifty Metal has corrected nearly 11% since it registered highs in mid-June, which presents a "buy-on-dip" opportunity, an analyst said, who remains positive on the sector in the medium to long term.

 

"The index has been consolidating within a 12740–12370 range over the past few sessions, indicating indecision among market participants. A decisive breakout on either side of this range is expected to determine the near-term trend," Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage Pvt. Ltd., said in a note.

 

The Nifty Metal Friday closed at 12401.55 points, down 68.15 points or 0.55%. Jindal Stainless, Hindustan Copper, Hindalco Industries, and Welspun Corp. were the under-performers among the index constituents, ending 1-3% lower. NMDC, Lloyds Metals and Energy, and Adani Enterprises were the top performers, ending 0.5-1.1% higher.

 

"From a technical standpoint, the 12370–12400 zone remains the key support to watch, while 12741 is the immediate hurdle. A decisive move beyond either of these levels is likely to set the tone for the index's next major trend," Sherigar said. If the index fails to hold 12370 support level, it could signal "weakening price structure". If it shows a sustained move above 12741, this could trigger fresh buying momentum and pave the way for a rally towards 13120 and 13400, Sherigar added.

 

Prices of domestic hot rolled coil steel fell by INR 200 per tonne in the week ended Jun. 17 to INR 57,850 per tonne, as per Nomura Equity Research. Rebar prices, which have been declined sharply in the last few months, fell by INR 1,300 per tonne to INR 47,950 per tonne. However, Nomura believes price increases taken by steel companies towards the end of the March quarter and through the June quarter are "more than sufficient" to absorb any cost inflation rising from the West Asia war in the near term.

 

Jindal Steel and Hindustan Zinc released their June quarter results earlier Friday. Jindal Steel's bottom line fell over 43% on year to INR 8.45 billion for the quarter, missing analysts' expectations of INR 10.47 billion by a wide margin. The company's top line rose nearly 26% to INR 154.82 billion and surpassed expectations of INR 139.04 billion.

 

Hindustan Zinc reported robust growth in net profit and revenue for the June quarter, driven by sharp increases in revenue from its silver and zinc and lead operations. The company reported a net profit of INR 54.25 billion, up 146% on year, and higher than projections of INR 50.44 billion. Its revenue was up 77% on year at INR 136.87 billion, much higher than expectations of INR 127.15 billion.

 

TOP HEADLINES

 

* Earnings Review: Hindustan Zinc Q1 PAT grows over two-fold; beats estimates
* India Ratings upgrades Usha Martin's long-term rating to 'AA-' from 'A+'
* HC Bench refuses urgent relief to Vedanta for status quo on CB-OS/2 Block
* Earnings Outlook: Higher zinc prices to push up Hind Zinc Q1 PAT, sales
* Earnings Outlook: SAIL's PAT likely to rise on higher sales realisations
* Earnings Outlook: Jindal Steel Q1 PAT to fall on higher raw material costs
* HC rejects Vedanta plea vs govt refusal to extend contract for CB-OS/2 Block
* Analyst Concall: Shyam Metalics sees revenues up 20% YoY FY27, EBITDA 20-25%
* IPO Alert: Yogiji Digi files DRHP for fresh issue of INR 2.70 bln, OFS
* Earnings Review: Shyam Metalics beats Street's view on Apr-Jun PAT, revenue
* SG Mart Apr-Jun consol PAT rises 41.1% YoY to INR 455.8 million
* Analyst Concall: See hot rolled coil prices dn only marginally Q2 - JSW Steel
* SC says all cases of uncertain claims vs cos till IBC plan OK stand waived
* JFE Steel paid 2nd tranche Jun 30, completing JV transaction with JSW Steel
* Earnings Review: JSW Steel Q1 PAT doubles, beats Street view by wide margin
* Jayaswal Neco Apr-Jun PAT doubles on year to INR 1.94 billion

 

Following are the resistance and support levels for key metal stocks for next week as per calculations based on their prices on the National Stock Exchange:

 

Company	Price	Week-on-week  change in %	Resistance	Support
HINDALCO INDUSTRIES LTD	942.80	(-)0.10	955.70	933.30
HINDUSTAN COPPER LTD	483.15	(-)0.60	490.30	474.70
HINDUSTAN ZINC LTD	531.95	2.60	541.60	517.70
JINDAL STEEL LTD	1035.80	1.10	1054.90	1011.50
JSW STEEL LTD	1240.80	0.30	1254.90	1221.10
JINDAL STAINLESS LTD	714.25	(-)3.20	738.90	700.40
NATIONAL ALUMINIUM COMPANY LTD	343.90	1.20	348.10	337.60
NMDC LTD	83.56	0.40	84.90	81.10
STEEL AUTHORITY OF INDIA LTD	161.45	(-)1.00	165.50	156.00
TATA STEEL LTD	182.67	(-)1.70	184.80	180.10
VEDANTA LTD	264.65	4.60	269.60	257.70
Index	Levels
NIFTY METAL	12401.55	(-)0.30	12512.80	12239.50
NIFTY 50	23767.45	(-)2.30	23949.80	23515.20
BSE SENSEX	76059.77	(-)2.70	76651.60	75178.50

End

 

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

 

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