At around 2.46 pm, Nifty Metal was trading at 4,912.30 down by 40.15 points or 0.81%.
During the first half of Tuesday's session, the index had gained to a record high of 5,048.30.
On the index, Welspun Corp was the top underperformer tumbling by 4.4%. MOIL and Hindustan Zinc followed with 3.9% and 3.1% downside.
APL Apollo dived by 2.6%, while Hindalco and JSPL slipped by 1.9% and 1.8% respectively. Vedanta and NALCO weakened by 1.4% and 1.5%. Ratnamani shed over 1%.
JSW Steel dropped nearly 1%, while NMDC fell by over 0.5%.
Coal India was the top gainer soaring by 0.5%, whereas stocks like Adani Enterprises, Tata Steel and SAIL followed with a marginal upside.
Metal company stocks have been in a significant run since early February with steel prices picking up momentum. A host of factors such as improvement in the commodity cycle, rising steel prices, and strong demand has played a major role in the bull run of this sector.
The sector even defied the second wave of the Covid-19 pandemic in the country. Corporate earnings season also had its share of swaying the sentiments.
However, at the current level, the sector witnesses investors booking their profits.