The Nifty slipped a modest gain on Wednesday, its first uptick in five sessions, yet fear lingers as India’s broader market grapples with a confluence of headwinds.

Oil prices hovering above $105 a barrel and continued global fund outflows weigh heavily, while the rupee has slid to record lows for four consecutive sessions. The government’s recent import duty hike on gold and silver aimed to ease currency pressure, but the effect remains uncertain.

Against this backdrop, metal stocks continue to attract attention. Their resilience stems from steady demand in construction and infrastructure, sectors that have shown steadier performance than consumer staples. Analysts note that even as the rupee weakens, metal prices tend to rise, offering a potential hedge for investors.

Compounding the market’s volatility, the government has banned sugar exports through September, a move that may further strain commodity markets and alter investor sentiment. As the policy landscape evolves, metal equities stand out as a comparatively brighter spot in an otherwise cautious environment.