Jewellery stocks rallied on Thursday, November 5, as gold prices climbed nearly 2% to a two-week high, supported by a weaker US dollar and declining US Treasury yields following a Democratic wave in the US midterm elections. Broader gains across Dalal Street, a sharp decline in crude oil prices and renewed foreign investor buying further lifted investor sentiment.
Motisons Jewellers shares surged 3.9% to ₹15.55, while Senco Gold gained 3.7% to ₹322.65. PC Jeweller advanced 3.2% to an intraday high of ₹16.32, while Kalyan Jewellers rose 2.7% to ₹544.70. Titan shares gained 2.3% to ₹4,858.90.
Among smaller jewellery-related stocks, Swarnsarita Jewels India traded at ₹40.80, up 3.3%, while Omara Ventures India was trading at ₹327, up 2.5%. Nityas Gems and Jewels gained 2.5% to ₹65.50, while Dev Labtech Ventures advanced 2.2% to ₹23.40.
Meanwhile, Indian stock markets also soared around 2% after Trump's loss as well as a crash in crude oil prices. Sensex surged 2%, or 1,621 points, to an intraday high of 78,922.44, while the Nifty 50 advanced 431 points, or 1.8%, to touch 24,391.95.
Gold prices climbed nearly 2% globally to a two-week high on Thursday, supported by a weaker US dollar and lower US Treasury yields following the US midterm election results.