Jewellery stocks came under pressure on Thursday, with Kalyan Jewellers, PC Jeweller, Sky Gold, Senco Gold and others declining sharply as the broader equity market witnessed heavy selling.
Nifty 50 is down by 1.5%, trading around the 22,289 level, while BSE Sensex dipped more than 1.2% to trade below the 72,000 level.
Kalyan Jewellers was among the biggest losers, falling over 5%, while PC Jeweller and Sky Gold also declined more than 3%. The selling comes even as gold and silver prices were trading higher in the domestic futures market in early trade.
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Kalyan Jewellers, PC Jeweller Among Major Losers
Around 2:15 p.m., shares of Kalyan Jewellers were trading at Rs 524.20, declining around 5.23%. The stock opened at Rs 553.15, which was also its previous close, but then declined owing to broader market pressure.
Thangamayil Jewellery declined 4.58% to Rs 4,830, while PC Jeweller fell 3.94% to Rs 12.68 around 2:19 p.m. today.
Shares of Sky Gold and Diamonds were down 3.61% to Rs 781.40, after touching a low of Rs 776.50.
Among other jewellery stocks, Lalithaa Jewellery Mart declined 2.85% to Rs 371, while BlueStone Jewellery and Lifestyle fell 2.37% to Rs 776.
Senco Gold was down 2.23% at Rs 313.80, with the stock touching an intraday low of Rs 311.55.
Gold, Silver Prices Rise
The fall in jewellery stocks comes despite strength in bullion prices. MCX gold futures were trading around the Rs 1.50 lakh mark in early trade, while silver futures were also higher. Gold and silver have remained volatile after a sharp correction in September.
The divergence between bullion prices and jewellery stocks comes as the broader equity market remains under pressure. Investors are also tracking how elevated precious-metal prices could affect jewellery demand, particularly as the festive and wedding season approaches.
With several jewellery stocks seeing sharper declines than the broader market, the focus remains on whether the current weakness is driven by market-wide selling or develops into sustained pressure on the sector.
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