Metal Stocks Lead Gains as Indian Indices Show Cautious Start

Indian equity markets opened Monday with a hesitant tone, as investors navigate uncertain global signals while tracking corporate earnings and developments. The NSE’s Nifty50 declined 25.80 points, or 0.1%, settling at 26,016.50, while the BSE Sensex retreated 116.70 points, or 0.14%, to 84,924.75 during morning trading. Market breadth reflected the lack of conviction, with 2,262 stocks declining against 1,594 gainers on BSE.

Metal Investing Emerges as Bright Spot

The standout performer Monday was the materials sector, where strength in global metal prices coupled with expectations of continued monetary easing by the Federal Reserve sparked buying interest. Hindustan Copper surged nearly 15% to Rs 545.95, establishing a fresh record high and driving significant momentum in metal investing. Tata Steel advanced 2.7%, demonstrating the sector’s resilience against the broader market weakness.

Additional metal and materials plays showed solid performance. Hindalco moved higher alongside Grasim Industries and ONGC, which posted moderate gains. Eternatl gained approximately 1.2%, while midcap metal names also participated in the upside.

Mixed Performance Across Blue Chips

Among the large-cap segment, sentiment remained divided. Tech Mahindra and Titan each climbed close to 1%, while TCS, HCL Technologies, Reliance Industries, Axis Bank, State Bank of India, and Bajaj Finance each lost between 0.4% and 0.7%. Power Grid Corporation shed nearly 1%, and Adani Ports & Special Economic Zone declined 1.55%. Weakness extended to Shriram Finance, Jio Financial Services, Coal India, HDFC Life, and Eicher Motors.

Corporate News Drives Moves

Punjab National Bank opened sharply lower at Rs 116.35 following disclosure of a significant fraud exceeding Rs 2,000 crore involving loan accounts at SREI Equipment Finance and SREI Infrastructure Finance. The bank indicated full provisioning for these impaired accounts, allowing the stock to stabilize and finish the session down just 0.3%.

NBCC rallied over 2% after announcing Friday that it secured a 21.23-acre land parcel in south Delhi following resolution of a government dispute. The company plans to develop a mixed-use real estate project on the site with estimated revenue potential of approximately Rs 8,500 crore.

Coforge reached Rs 1,715 in early dealing before moderating to Rs 1,686, up 0.8% on news that it will acquire AI specialist Encora at an enterprise value of $2.35 billion. The acquisition aims to strengthen internal artificial intelligence capabilities and expand operations across the U.S. and Latin America.