Jewellery stock rise on Akshaya Tritiya, PC Jeweller surge 4pc

Indian stock indices sharply pared gains and turned flat in afternoon trade on Tuesday taking a cue from week global markets.

At around 2:30pm, the BSE Sensex, was down 93pts at 38,506-level The Nifty50 index was down 37pts at 11,560.60.

Sectors such as the Nifty Metal, Media, Pharma, PSU Bank and realty led loss, while only FMCG rose 0.30% led by Marico, HUL and GlaxoSmithKline Consumer.

Shares of Marico trade higher near 7% after the FMCG major posted over Double-fold increase in net profit at Rs405crore for the Q4FY19.

Stocks of Jewellery companies gained on in the afternoon session on Akshaya Tritiya. The jewellery stocks including PC Jewellers, UP 3.65pc, Rajesh Exports rose 1.62pc and Tribhovandas rose 0.50pc, on the back of  AkshayaTritiya. It is traditionally believes that  buying gold or jewellery on the day of AkshayaTritiya is auspicious, and the NSE extended trading hours on  AkshayaTritiya.

Meantime, the MCX Gold was trading at Rs.31570/10gm, up by Rs.7/-, while MCX Silver was trading Rs.8/- lower at Rs.37368 per kilo during afternoon trade.

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