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India's two largest steelmakers, the aluminium-copper major Hindalco, and the Adani group's flagship incubator.
Mines, smelts and rolls the steel, aluminium and copper used in construction, cars and packaging. NSE also places Adani Enterprises here because coal trading and mining are a large part of its revenue. A few percent of the index.
Metals are the most cyclical block: they lead when China and global demand recover and fall hardest when prices drop.
Integrated producers with captive iron ore or bauxite earn through the cycle; Indian steel enjoys safeguard-duty protection against cheap imports. Hindalco's Novelis adds a global rolled-aluminium business.