Auto stocks also remained under pressure, with all 15 constituents of the Nifty Auto index trading lower.
The Nifty Metal index fell nearly 3 percent to 11,726 in the early trading hours of Thursday, snapping a three-day gaining streak.
The Nifty Metal index tumbled nearly 5% to 11,855.85 on Friday, snapping a three-day gaining streak during which it gained nearly 9%
Hindustan Copper shares have now rallied a whopping 314% in just nine months since April this year.
Copper, aluminium, gold and silver saw a massive surge recently, before beginning to decline as investors may have resorted to profit booking at elevated levels.
Nifty Metal index climbed to a fresh record high of 11,433.80 during the session. Twelve of its 15 constituents settled in the green.
Metal stocks: Earlier during the day, the Nifty Metal index hit a fresh 52-week high before sharply falling due to correcting commodity prices.
Metal stocks: The Nifty Metal index nearly 3% on Friday, extending gains for the third consecutive session
Hindalco was the top loser on the Nifty Metal index and benchmark Nifty 50, down over 2 percent to Rs 783.45, weighed down by a fire at its Novelis aluminium plant in Oswego, New York, on November 21.
Metal stocks: The sharp rise in the metal stocks comes despite an overall downturn in stock markets.
Global cues turned supportive for capital-intensive sectors such as steel, with expectations of a U.S. Federal Reserve rate cut this month. The European Union’s reported plan to raise tariffs on imports may end up helping Tata Steel rather than hurting.
The metal index is currently the top sectoral gainer. A weaker dollar improves global demand for commodities which in turn benefits Indian metal producers through export opportunities and better pricing.
Metal stocks: The shares had seen a sharp rally over the past three sessions, buoyed by weaker dollar and increased expectations of a rate cut by the US Federal Reserve, along with strong Q1 earnings announcement.
'Given the current landscape of heightened volatility and mixed technical signals, traders are advised to adopt a cautious 'sell-on-rise' strategy,' says Hardik Matalia.
Metal stocks: The sharp rise in the share prices pushed the Nifty Metal index up nearly 1 percent to hover around 9,545 in the afternoon.
Nifty Metal index extended gains for the sixth consecutive session, rallying nearly 7% during the period.
Nifty Metal index rose nearly 1 percent during the day and has gained around 4 percent over the last five sessions.
Nifty Metal index gained 1.43 percent intraday, extending its rally for the second consecutive session.
Metal sector has witnessed sharp volatility over the past three weeks, largely driven by the ongoing tariff tensions between the US and China.
Metal shares were among the major gainers on Friday as the global tariff war fears subsided on Trump's 90-day pause.
Investors had sold off metal shares on worries over a possible US recession and the implications of a global trade war. However, reports of China considering a stimulus and the weakness in US dollar has likely helped metal stocks stage a recovery.
The US Labor Department released its employment report on Friday, which showed an unexpected rise in US jobs in December. The unemployment rate also fell to 4.1%.
The sharp increase was driven by several factors, including rising demand from China and optimism about a possible Federal Reserve rate cut.
On October 26, the Nifty Realty index slipped as much as 3 percent, while the Nifty Metal index declined up to 2 percent