Jewellery retailers slump second day as PM Modi urges Indians to skip gold for a year
Indian markets fell 2% with Sensex at 74,559 and rupee at record 95.63/USD. Jewellery stocks extended losses on Modi's call to defer gold purchases, signalling a possible policy shift that could reset demand for India's largest discretionary category.
Indian markets fell 2% as IT stocks crashed on AI-deflation fears and rupee hit record 95.63/USD. Jewellery retailers slumped for second day after PM Modi urged citizens to avoid gold purchases for a year, signalling potential policy shift. Fuel price hikes loom amid OMC losses.