Kalyan Jewellers India, one of the country’s leading diamond and gold jewellery companies, experienced a dip in its stock price on December 10, 2024. The stock closed at Rs 758.75, marking a decrease of 3.46%. Despite the decline, MarketsMOJO has issued a ‘Hold’ recommendation for the stock, citing its continued solid performance.
While the stock’s recent drop brings it 4.63% shy of its 52-week high of Rs 786, it still outperformed the broader market over the long term. On the day, Kalyan Jewellers underperformed its sector by 3.21%, a trend that could be attributed to a natural correction following two days of consecutive gains. The stock also hit an intraday low of Rs 748.90, a 3.39% decrease from the previous close.
Despite this dip, Kalyan Jewellers remains well above its key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signaling a positive long-term trend. When compared to the Sensex, Kalyan Jewellers underperformed by 3.43%, while the Sensex posted a modest gain of 0.24% on the same day.
Looking at a broader timeframe, Kalyan Jewellers has outperformed the Sensex over the past month, with a 7.95% increase in its stock price compared to the Sensex’s 2.80% gain.
Overall, despite the short-term pullback, Kalyan Jewellers remains a key player in the Indian jewellery market. Investors are advised to hold their positions in the stock, with confidence in its continued strong performance in the industry.
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