TBZ and PC Jewellers shine on Dhanteras

Jewellery stocks were buzzing on Dhanteras, the first day of Diwali 2018. Stocks of PC Jeweller and Tribhovandas Bhimji Zaveri were up close to 8 per cent and 5 per cent, respectively on Monday.

With the tradition of gold buying during Diwali and especially, on the day of Dhanteras, gold and jeweller stocks were in focus during the day.

The top gainers among gold, gems and jewellery stocks were PC Jeweller at Rs. 95.20 per share and TBZ at Rs. 67.55, followed by Lypsa Gems & Jewellery, up 8.06 per cent. On the other hand, jewellery majors like Titan was trading at Rs. 866.30 per share and Thangamayil Jewellery was at Rs. 373.75 per share were down 0.53 and 2.04 per cent, respectively

The depreciation in the Indian rupee has adversely affected domestic gold prices. This depreciation has increased gold prices by roughly Rs. 2,000 when compared to price a year ago. Also in anticipation of traditional retail buying on occasion of Diwali, gold prices spike up by Rs. 40 to Rs 32,690 per 10 gram.

In the international market, the yellow metal fell 0.04 per cent to US$ 1,232.70 an ounce in Singapore on Monday. Meanwhile, the benchmark index S&P BSE Sensex was at 34,928.50, down by 83.15 points or 0.24 per cent.