The Nifty Metal Index: An Overview
What is it?
The Nifty Metal Index is a sectoral index that monitors the performance of metal firms listed on the National Stock Exchange (NSE) of India. It consists of businesses that are mostly involved in the manufacturing, processing, and selling of metals, such as copper, zinc, aluminum, steel, and other metal segments.
Important attributes:
- Date of Base: April 1, 2005
- Base Value: 1000
- Approach: Weighted free-float market capitalization
- Review Frequency: Semi-annual (March and September)
- Maintained by: NSE Indices Limited
Latest Nifty Metal Stocks with Weightage
Current Constituents
| Rank | Stock Name | Symbol | Weightage (%) | Market Cap (₹ Cr) | Sector |
|---|---|---|---|---|---|
| 1 | Tata Steel Ltd | TATASTEEL | 18.25 | 1,45,230 | Steel |
| 2 | JSW Steel Ltd | JSWSTEEL | 16.80 | 1,32,450 | Steel |
| 3 | Hindalco Industries Ltd | HINDALCO | 15.90 | 1,28,760 | Aluminum |
| 4 | Vedanta Ltd | VEDL | 12.40 | 98,520 | Diversified Metals |
| 5 | Steel Authority of India Ltd | SAIL | 8.75 | 69,300 | Steel |
| 6 | Jindal Steel & Power Ltd | JSPL | 7.20 | 57,150 | Steel |
| 7 | National Aluminium Co Ltd | NATIONALUM | 6.15 | 48,780 | Aluminum |
| 8 | NMDC Ltd | NMDC | 5.80 | 46,020 | Iron Ore |
| 9 | Hindustan Zinc Ltd | HINDZINC | 4.50 | 35,640 | Zinc |
| 10 | Coal India Ltd | COALINDIA | 4.25 | 33,750 | Coal |
| Total Index Weight: | 100% | ||||
Weightage Distribution (Textual Representation)
Weightage Distribution (Chart)
Sector-wise Classification (Index Weight)
Steel: 60%
- Integrated steel manufacturers
- Manufacturers of specialty steel
- Companies that process steel
Aluminum: 25%
- Principal manufacturers of aluminum
- Rolling mills for aluminum
- Companies that extrude aluminum
Diversified Metals & Others: 15%
- Multi-metal mining firms
- Companies that trade commodities
- Companies that recycle metal
- Iron Ore, Zinc, Coal (as per constituents)
Also Read: Nifty Healthcare Index Stocks List & Weightage 2025
Performance Analysis of Nifty Metal Index
Historical Performance (Last 10 Years)
| Period | Nifty Metal Returns | Nifty 50 Returns | Outperformance |
|---|---|---|---|
| 1 Year | +15.2% | +12.8% | +2.4% |
| 3 Years | +45.8% | +38.2% | +7.6% |
| 5 Years | +78.5% | +65.3% | +13.2% |
| 10 Years | +185.4% | +142.7% | +42.7% |
Key Performance Metrics
Current Level:
6,850 (approx.)
52-Week High:
7,420
52-Week Low:
5,890
Volatility (Annual):
28.5%
Beta vs Nifty 50:
1.35
Dividend Yield:
2.8%
Sector Dynamics
Positive Factors that Drive Sector Performance:
- Spending on government infrastructure
- Initiatives to promote "Made in India"
- Recovering global demand
- Benefits of the China plus one plan
- Transition to green energy (aluminum demand)
Risk elements:
- Volatility of commodity prices
- Slowdown in the world economy
- Rules pertaining to the environment
- Variations in energy costs
- Risks associated with currency exchange rates
What is the frequency of weighted updates?
A methodical procedure is used to adjust the weighting of the Nifty Metal Index:
Examine the schedule
- Reviews: March and September are the semi-annual reviews.
- Buffer Rule: 5% buffer for inclusion/exclusion.
- Date of Effectiveness: Typically, the final Friday in March and September.
Qualifications for Inclusion
- Market capitalization: at least ₹500 crores
- Liquidity: ₹5 crores in average daily turnover
- Listing History: NSE for at least six months
- Free Float: 10% or more of the shares
- Business Classification: Metals sector primary business
Also Read: NIFTY Midcap 100 Stock List – With Price & Weightage
Stock Details
Large Cap Metal Stocks
1. Tata Steel Ltd. (TATASTEEL)
Cap of the Market: ₹1,45,230 Cr
Company: Integrated steel manufacturer
Important Products: Galvanized sheets, cold-rolled coils, and hot-rolled coils
Global Presence: Southeast Asia, Europe, and India
2. JSW Steel Ltd. (JSWSTEEL)
Cap of the Market: ₹1,32,450 Cr
Business: Production and processing of steel
India's capacity: 28 MTPA
Focus: Steel goods with added value
3. Hindalco Industries Ltd. (HINDALCO)
Cap of the Market: ₹1,28,760 Cr
Business: Production of copper and aluminum
Subsidiary: Novelis, the biggest aluminum recycler in the world
Products: Copper cathodes, aluminum rolled goods, and primary aluminum
Mid-Cap Highlight: Vedanta Limited (VEDL)
Cap of the Market: ₹98,520 Cr
Business: Diversified natural resources
Activities: Steel, iron ore, aluminum, zinc, and oil and gas
Another Large Cap: Steel Authority of India Ltd. (SAIL)
Cap of Market: ₹69,300 Cr
Company: Integrated steel manufacturer
Owner: Government of India (majority interest)
Capacity: 21.4 MTPA
Full Metal Stocks List (Complete NSE Metal Sector Universe - Sample)
| Company Name | Symbol | Market Cap (₹ Cr) | Sub-Sector |
|---|---|---|---|
| Tata Steel | TATASTEEL | 1,45,230 | Steel |
| JSW Steel | JSWSTEEL | 1,32,450 | Steel |
| Hindalco Industries | HINDALCO | 1,28,760 | Aluminum |
| Vedanta | VEDL | 98,520 | Diversified |
| SAIL | SAIL | 69,300 | Steel |
| Jindal Steel & Power | JSPL | 57,150 | Steel |
| NALCO | NATIONALUM | 48,780 | Aluminum |
| NMDC | NMDC | 46,020 | Iron Ore |
| Hindustan Zinc | HINDZINC | 35,640 | Zinc |
| Coal India | COALINDIA | 33,750 | Coal |
| APL Apollo Tubes | APLAPOLLO | 28,450 | Steel Tubes |
| Ratnamani Metals | RATNAMANI | 18,650 | Stainless Steel |
| Welspun Corp | WELCORP | 15,230 | Steel Pipes |
| Jindal Stainless | JSL | 12,890 | Stainless Steel |
| Manganese Ore India | MOIL | 8,750 | Manganese |
Also Read: Nifty Smallcap 100 Stocks List with Weightage (2025)
Newcomers & Emerging Companies
Emerging companies that are becoming more well-known in specialist metal areas include:
- JSW Infrastructure
- APL Apollo Tubes
- Welspun Corp
Price Performance Summary (As of May, 31, 2025)
| Stock | Current Price (₹) | 1-Day Change | 1-Week Change | 1-Month Change | 52W High | 52W Low |
|---|---|---|---|---|---|---|
| TATASTEEL | 126.60 | -1.29% | -- | 185.50 | 95.20 | |
| JSWSTEEL | 1,031.30 | +2.2% | - | - | 1,050.00 | 620.75 |
| HINDALCO | 699.85 | +0.93% | - | +10.96% | 630.00 | 385.40 |
| VEDL | 435.90 | -3.57% | -1.02% | +3.9% | 560.00 | 320.15 |
| SAIL | 129.18 | - | - | - | 155.00 | 85.30 |
| JSPL | 945.15 | - | - | - | 1,120.00 | 650.25 |
| NATIONALUM | 180.40 | - | - | - | 140.00 | 78.50 |
| NMDC | 66.05 | - | - | - | 285.00 | 185.60 |
| HINDZINC | 500.35 | -0.24% | - | - | 807.70 | 284.60 |
| COALINDIA | 516.05 | +1.92% | - | - | 544.70 | 283.15 |
Technical Analysis Overview
Index Technical Levels:
Support Levels:
6,200, 5,850
Resistance Levels:
7,100, 7,420
Moving Averages:
Above 50-day and 200-day MA
RSI:
58 (Neutral to bullish)
MACD:
Positive crossover signal
Best Metal ETFs
Top Metal Sector ETFs in India
1. Nippon India ETF Nifty Metal
Symbol: NIFTYMETAL
AUM: ₹1,250 Cr
Expense Ratio: 0.50%
Tracking Error: 0.15%
Dividend Yield: 2.8%
2. ICICI Prudential Nifty Metal ETF
Symbol: METALETF
AUM: ₹850 Cr
Expense Ratio: 0.48%
Liquidity: High
NAV Premium/Discount: Minimal
3. SBI ETF Nifty Metal
Symbol: SBIMETALETF
AUM: ₹620 Cr
Expense Ratio: 0.45%
Launch Date: March 2019
Performance: Closely tracks index
ETF Comparison Matrix
| ETF Name | Expense Ratio | AUM (₹ Cr) | Tracking Error | Liquidity Score |
|---|---|---|---|---|
| Nippon India | 0.50% | 1,250 | 0.15% | High |
| ICICI Prudential | 0.48% | 850 | 0.18% | High |
| SBI ETF | 0.45% | 620 | 0.20% | Medium |
