Jewellery retailers slump second day as PM Modi urges Indians to skip gold for a year
Indian markets fell 2% with Sensex at 74,559 and rupee at record 95.63/USD. Jewellery stocks extended losses on Modi's call to defer gold purchases, signalling a possible policy shift that could reset demand for India's largest discretionary category.
What happened
Indian Jewellery Retailers · Indian markets fell 2% as IT stocks crashed on AI-deflation fears and rupee hit record 95.63/USD. Jewellery retailers slumped for
Key facts
- Sensex -1.9% at 74,559.24
- Nifty -1.8% at 23,379.55
- Nifty IT -3.7%
- Rupee record low 95.63/USD
- Crude >$105/bbl
- Retail inflation 3.48% April
- OMC losses Rs 1 lakh crore Q1
- IT sector -25% YTD 2026
Why this matters
Watch for distressed mid-tier jewellery chains and franchise networks that may surface as acquisition targets if the demand shock persists, while stress-testing any pending gold-linked deals against a structurally lower volume base.