The Indian stock market resumed its losing streak in Friday’s session on January 30, as heavy selling in metal stocks dragged benchmarks lower, with most counters logging double-digit losses amid profit booking. Continued weakness in technology stocks further added to the pressure, outweighing gains seen in media, FMCG and real estate shares.
Consequently, the Nifty 50 settled 0.39% lower at the 25,320 level but still managed to end the week with a gain of 1.10%. The S&P BSE Sensex also closed the session 0.36% lower at 82,269, compared with the previous close, but finished the week nearly 1% higher.
The broader markets, however, remained mixed, with the Nifty Midcap 100 slipping 0.20%, while the Nifty Smallcap 100 index gained 0.32%. For the week, both indices rallied by up to 3.20%.
Sector-wise, the Nifty Metal index saw heavy selling, crashing 5.2% as pressure gripped stocks amid a sharp retreat in both precious and base metal prices. Today’s drop was also the biggest intraday fall since April 2025.
Nifty IT and Nifty Oil & Gas also declined by 1% and 0.53%, respectively. On the upside, Nifty Media, Nifty FMCG and Nifty Consumer Durables closed with gains of over 1%.
Metal stocks lead sell-off; Hindustan Zinc, Vedanta, Nalco sink up to 12%
Hindustan Zinc was the top laggard of the session, plunging 12.1% to ₹628.5 apiece, followed by Vedanta and Nalco, which fell 11.1% and 10.1%, respectively. Hindustan Copper shares also came under sharp selling pressure, sliding 10% to ₹685.9 apiece, a day after the stock had hit the 20% upper circuit.
Graphite India was another major loser among Nifty 500 stocks, dropping 7.4% to ₹617.3 apiece. Other metal stocks such as GMDC, Hindalco Industries, Tata Steel, SAIL, Godawari Power & Ispat, NMDC Steel, and Jindal Steel declined between 6% and 2.5%.
The sharp retreat in both gold and silver prices also triggered a sell-off in gold finance stocks, with Muthoot Finance tumbling 6.4% to ₹3,829 apiece. Multi Commodity Exchange (MCX) also fell 6% to ₹2,528.
Weak December quarter earnings dragged Swiggy shares down 5.5% to ₹309.8 apiece, while Paytm declined 2.6% to ₹1,137 following its Q3 performance.
Meanwhile, ACC and Ambuja Cements fell 2.5% and 4.8%, respectively, as investors appeared disappointed with the companies’ December quarter results.
Vodafone Idea jumps 11%, tops Nifty 500 gainers
On the gaining side, Vodafone Idea emerged as the top performer, surging 11% to ₹11.2 apiece and extending its winning streak to the third consecutive session. The rally has also contributed to a sharp 72% gain over the past five months.
RHI Magnesita India, Signature Global, Tata Teleservices, OneSource Specialty Pharma, Garden Reach Shipbuilders, Triveni Engineering, Sundram Fasteners, Gillette India, Neuland Laboratories, ACME Solar Holdings, V-Guard Industries and six other Nifty 500 stocks rose between 5% and 8%.
Overall, around 80 Nifty 500 stocks closed higher, posting gains in the range of 3% to 11%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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