Metal stocks emerged as the biggest drag on the market, with the Nifty Metal index declining 2.16 per cent to 12,800.35. The sell-off followed a sharp decline in aluminium prices on LME after the US-Iran interim agreement eased concerns over supply disruptions. | Photo Credit: istock.com

Equity benchmarks pared early gains but continued to trade in positive territory during the afternoon session on Tuesday, as profit booking in select heavyweights capped the rally triggered by easing crude oil prices and supportive global cues.

At 12.40 pm, Sensex traded 352.41 points or 0.46 per cent higher at 76,616.74, and Nifty 50 was up 75.90 points or 0.32 per cent to 23,929.80. Earlier in the day, the Sensex had climbed 460 points to 76,724.62, while the Nifty 50 rose 124 points to 23,977.80, supported by a rally in global equities and cooling oil prices following the peace agreement between the US and Iran.

The broader market displayed a mixed trend. While the smallcap index remained in positive territory, the midcap index slipped into the red.

Metal stocks drag as aluminium prices tumble

Metal stocks emerged as the biggest drag on the market, with the Nifty Metal index declining 2.16 per cent to 12,800.35. The sell-off followed a sharp decline in aluminium prices on the London Metal Exchange (LME) after the US-Iran interim agreement eased concerns over supply disruptions.

Aluminium producers, which are highly sensitive to movements in global metal prices, witnessed heavy selling pressure. National Aluminium, Vedanta Aluminium, Vedanta Oil & Gas, Hindalco Industries and Jindal Steel were among the major losers in the sector. However, gains in Vedanta Iron & Steel, Vedanta Power and Jindal Stainless helped limit further downside.

Realty, media stocks outperform

Sectorally, realty and media stocks led the gains, with both indices rising more than 1 per cent. FMCG, information technology and oil & gas shares also traded with modest gains.

On the other hand, banking, financial services and healthcare counters witnessed mild weakness alongside metal stocks.

Hindalco, JSW Steel, Tata Steel lead Nifty 50 losers

Among Nifty 50 constituents, Tata Consumer Products, HCLTech, Reliance Industries, Nestlé India and NTPC were among the top gainers. Hindalco Industries, JSW Steel, Tata Steel and Tata Motors Passenger Vehicles figured among the biggest laggards.

Market breadth remains positive

Market breadth remained marginally positive despite the pullback from intraday highs. Of the 4,227 stocks traded on the BSE, 2,072 advanced, 1,943 declined and 212 remained unchanged.

Around 100 stocks touched their 52-week highs, while 52 hit fresh 52-week lows. As many as 167 stocks were locked in the upper circuit, compared with 119 stocks that hit their lower circuit limits.

Stock-specific action in broader markets

In the midcap segment, National Aluminium was among the top losers, falling around 6 per cent. Groww, Vishal Mega Mart and Vodafone Idea also declined 2-3 per cent. On the gaining side, Suzlon Energy, Coromandel International, SBI Cards and Coforge rallied 2-5 per cent.

Among smallcaps, PG Electroplast, Netweb Technologies, Aditya Birla Real Estate and Dr Lal PathLabs gained 4-6 per cent, while Ramco Cements, Ola Electric and Ather Energy fell about 3 per cent.

On the BSE, Sonata Software surged more than 17 per cent, while PG Electroplast, MMTC, Hindustan Construction Company and VA Tech Wabag advanced 6-7 per cent. GIC Re, Rain Industries, National Aluminium and Lumax Industries were among the notable losers, declining 4-7 per cent.

Nifty faces resistance near 24,000

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, frontline indices witnessed selling pressure near their previous swing highs and continued to trade within a narrow range.

He noted that the Nifty has struggled to decisively cross the 24,000 mark, with significant call writing visible at that strike price ahead of the weekly expiry.

Shah said the 23,790-23,810 zone remains a crucial support area for the index, while immediate resistance is placed between 24,040 and 24,060. A break below 23,790 could drag the index towards the 23,560-23,600 zone, whereas a move above 24,060 may extend the rally towards 24,260.

On the derivatives front, meaningful call writing was seen at the 24,000 and 24,100 strikes, while the highest put open interest was concentrated at the 23,900 strike, followed by 23,800.

For the Sensex, Shah identified 76,100 as the immediate support level and 76,900 as the key resistance.

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Published on June 16, 2026