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Informist, Friday, Aug. 7, 2026

MUMBAI – The Nifty Metal index finally broke out of the range-bound movement of the last few weeks, with the index rising above 13000 points for the first time in over six weeks. Technical analysts now see potential for further upside amid a strengthening bullish trend. Market participants will monitor the June quarter earnings of metal companies, with Lloyds Metals And Energy slated to release its results Monday.

The Nifty Metal Friday closed at 13189.85 points, up 65.25 points or 0.5%. Hindalco Industries, Lloyds Metals and Energy, Vedanta, and APL Apollo Tubes were the top performers, ending 1.3-3.2% higher. Hindustan Copper, NMDC, and Tata Steel were the under-performers among the index constituents, ending 0.9-1.8% lower.

The index has given a range breakout above 12741 points, signalling a strengthening bullish trend, Ashish Sherigar, senior technical and derivatives analyst at NVS Brokerage Pvt. Ltd., said in a note. The sector continues to maintain a positive technical setup, with further upside potential towards 13500 and 13750 points, Sherigar said. The key support level now lies at 12750–12800 and sustaining above this is expected to keep the bullish momentum intact, he added.

Domestic hot rolled coil steel prices are showing resilience despite a marginal week-on-week correction, Nomura Financial Advisory and Securities (India) Pvt. Ltd. said earlier this week. Hot rolled coil prices in India declined by INR 100 per tonne on-week to INR 57,700 per tonne in the week ended Jul. 31 while steel rebar prices rebounded by INR 2,150 per tonne to INR 50,450 per tonne, marking a sharp improvement after a prolonged three-month correction, the brokerage said.

Meanwhile, copper prices have surged above $14,000 per tonne on the London Metal Exchange as a rush of shipment to the US ahead of potential tariffs on the metal has created a supply crunch elsewhere. Copper prices also got support after the Democratic Republic of Congo restricted exports of copper concentrates. "While the headlines initially raised supply concerns, the impact on the refined market is likely to be limited given that most of the DRC's copper is exported as cathode rather than concentrate," Ewa Manthey, commodities strategist at ING Economics, said in a note. Manthey added that with copper trading close to record highs, any disappointment on US tariff measures could trigger a period of consolidation.

Index heavyweight Hindalco Friday reported an over 75% on-year increase in its net profit for the June quarter to INR 70.13 billion. This was well above analysts' estimate of INR 58.17 billion. The company's consolidated revenue increased 32% to INR 848.25 billion, but it still missed analysts' view of INR 889.70 billion. Managing Director Satish Pai said the company's  costs are expected to peak in the September quarter, rising 4-5% from sequentially, due to the increase in cost of gas and furnace oil. After this quarter, Hindalco's costs should gradually fall, he said.

TOP HEADLINES

* Earnings Review: Hindalco PAT up 75% YoY, beats view, amid metal price surge
* Ratnamani Metals Apr-Jun consol PAT falls 38% YoY as sales fall 16%
* Coal India forays into iron ore as preferred bid for large Odisha mine
* Shyam Metalics consol stainless steel sales jump 13% on yr in Jul
* Gallantt Ispat named 'preferred bidder' for coal block in Madhya Pradesh
* Analyst Concall: Wide spreads to be hit If metal prices normalise - Novelis
* Earnings Review: Hindalco arm Novelis Q1 PAT up 71% YoY on metal price rise
* Kirloskar Ferrous Apr-Jun consol PAT falls 65% YoY to INR 823.4 million
* Earnings Outlook: India ops, aluminium price surge to drive Hindalco Q1 PAT
* Analyst Concall: Jindal Stainless sticks to volume growth guidance for now
* Jain Resource Apr-Jun consol PAT rises 21% on year to INR 696 million
* Earnings Review: Jindal Stainless Q1 PAT falls, misses Street estimate
* Analyst Concall: APL Apollo targets 20% EBITDA growth in FY27
* Analyst Concall: NALCO to spend up to INR 18 bln FY27, INR 25 bln FY28
* Earnings Review: APL Apollo reports slowest YoY profit growth in 7 quarters
* Earnings Review:  APL Apollo reports slowest YoY profit growth in 7 quarters
* Sarda Energy Apr-Jun consol sales fall 1.5% YoY but PAT rises 5.5%
* Earnings Review: NALCO Q1 earnigns surge on aluminium sales; PAT tops view
* Analyst Concall: ABB India sees commodity prices elevated for next few qtrs
* Moody's Ratings assigns Baa3 rating to JSW Steel on improving fincl metrics
* Analyst Concall:Tata Steel seeks level-playing field in emission norms Europe

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:

End

US$1 = INR 95.21

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

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