Kalyan Jewellers Share Price Today: Kalyan Jewellers shares came under sharp selling pressure on Tuesday, plunging as much as 5.82% during the session.
At 10:49 am, Kalyan Jewellers shares were trading 5.7% lower at Rs 579.40, while the BSE Sensex was up 0.03% at 76,973 levels.
Trading activity was also elevated. Around 4.60 lakh shares worth Rs 27.21 crore had changed hands on the BSE, while 58.74 lakh shares worth Rs 347.35 crore were traded on the NSE at the time of writing.
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Kalyan Jewellers Share Price: What's Behind The Sudden Fall?
The stock has been under pressure over the past three sessions, with shares declining nearly 8%, according to Ravi Singh, Chief Research Officer at Master Capital Services.
The selling comes as investors assess the outlook for gold demand and jewellery purchases, with developments around gold consumption adding to the market's focus on the sector.
PM Modi's Gold Buying Appeal
Prime Minister Narendra Modi, while congratulating India on its “stellar” 7.8% GDP growth, renewed his appeal for citizens to embrace Atmanirbhar Bharat and the principles of “Swadeshi” and “Vocal for Local”.
In a post on Instagram, Modi urged citizens to avoid travelling abroad merely for leisure or hosting weddings overseas, and instead encouraged the idea of “Weddings in India”.
He also said citizens should refrain from buying gold unless absolutely necessary.
“The more we emphasize ‘Swadeshi' and self-reliance,” Modi said, the more confident he was that India would hand over a “Viksit Bharat” to its youth by the time the country marks 100 years of independence.
Kalyan Jewellers Stock: What Did The Analyst Say?
Singh said Kalyan Jewellers has come under strong selling pressure over the last three sessions, with the stock declining nearly 8%.
He said concerns around gold demand could weigh on jewellery purchases, sales and the company's growth outlook. Singh also noted that similar remarks had affected the stock in the past, making investors cautious.
The analyst described the recent weakness as sentiment-driven and said the stock could decline towards Rs 550 in the near term if selling pressure persists.
Kalyan Jewellers Share Price: Key Level To Watch
With the stock facing sustained selling pressure, Rs 550 is the key downside level flagged by the analyst. Investors will now watch whether the recent weakness stabilises or develops into a more prolonged pressure on the stock.
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