Gold Glitters Dim: Jewellery Stocks Tumble Amid PM's Currency Caution

For the second consecutive day, jewellery stocks took a hit on the market. Thangamayil Jewellery led the decline, plummeting over 8%, following Prime Minister Narendra Modi's appeal to delay gold purchases amidst the West Asia crisis.

Stocks such as Senco Gold and PC Jeweller also faced significant downturns, contributing to a broader market slump that impacted the BSE Sensex, which fell by 1.92%, and the NSE Nifty, dropping by 1.83%.

This market reaction comes as Modi suggests conserving foreign exchange through reduced spending on consumer durables, jewellery, and travel. As a result, sectors tied to discretionary spending are experiencing increased pressure.

(With inputs from agencies.)