Jewellery stocks crater 3-4.5% as Modi urges Indians to curb gold buys, foreign travel amid oil spike
Titan, Senco Gold and Kalyan Jewellers fell 3-4.5% while IndiGo dropped 3.2% after PM Modi's appeal to rein in gold purchases and overseas trips. Backdrop: oil up 4.33% to $105.6/bbl on stalled US-Iran talks, rupee at 94.90/USD, Nifty -0.85%, Sensex -0.89%.
What happened
Indian markets slumped 0.85% as oil spiked 4.33% on stalled US-Iran talks. Jewellery stocks Titan, Senco, Kalyan fell 3-4.5% and IndiGo dropped 3.2% after PM
Key facts
- Nifty -0.85% to 23,970.10
- Sensex -0.89% to 76,638.09
- rupee 94.90/USD
- oil +4.33% to $105.6/bbl
- jewellery stocks -3% to -4.5%
- InterGlobe -3.2%
Why this matters
Watch for valuation resets in listed jewellers and travel names that could open M&A or strategic stake windows if the sentiment drag persists into the next quarter.