The Nifty Metal index experienced a significant decline on Thursday, January 8, falling approximately 2-3 percent due to heavy selling pressure. Major metal stocks like Hindustan Zinc, NALCO, Hindustan Copper, and Vedanta saw substantial drops, with Hindustan Zinc being the worst performer. This sell-off is attributed to a retreat in global base metal and precious metal prices, including copper, silver, and aluminium, coupled with profit-taking by investors after recent rallies and concerns over stretched valuations.