Stock market today: Amid gold and silver price rally in domestic and international market due to Israel-Hamas war, jwellery companies are expected to benefit as market is expecting margin benefit on their buffer stock. Kalyan Jewellers shares are one of them.
This jewellery stock has risen close to its life-time high of ₹309.75 apiece on NSE, despite rallying 135 per cent in year-to-date (YTD) time. Kalyan Jewellers share price today opened upside at ₹289.75 apiece on NSE and went on to hit intraday high of ₹298.90 per share levels, just 3.50 per cent away fro its life-time high of ₹309.75 per share levels.
According to stock market experts, Kalyan Jewellers India is expected to benefit from recent gold price rally as jewellry stocks are expected to rise after ther recent gold and silver price rally, which was fueled mainly by Israel-Hamas war. They said that companies garner margin benefit on their buffer stock they have.
However, they also maintained that this rally in Kalyan Jewellers shares are time specific and if it fails to break ₹300 levels in near term then one should book profit as the stock may soon go towards ₹260 odd levels on profit booking trigger in gold and silver prices. Vedanta shares rise 2% after company appoints Ajay Goel as CFO On why Kalyan Jewellers shares are rallying, Saurabh Jain, Vice President — Research at SMC Global Securities said, "Rally in Kalyan Jewellers shares are mainly fuled by gold and silver price rally.
Market is expecting margin benefit for the company after recent rally in gold and silver prices, which is mainly due to the geopolitical uncertainly caused by Israel-Hamas war. As jewellry market is expected to see rise in demand due to fast approaching Diwali 2023 followed by a
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