Bear-bitten investors sight gold shine in darkness of stock market

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Premier Energies gains another 10 pc amid stock market crash

By S Jha

New Delhi, September 6: Sensex nosedived on Friday. Nifty and Bank Nifty sank deeper. The US economic data deepened recession fears.

Dow Jones was trading lower in the early sessions. The US bourses were heading downward.

The August job data in the US brought bears in full force to hold investors hostage in the global equity exchanges.

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The US market added 142,000 jobs in August. This was better than the revised number for the month of July of 89,000.

But the street expected that the US economy would add 161,000 jobs in August. The lower number deepened the street fear of recession.

With the US job market showing signs of economic stress, all eyes are now on the US Federal Reserve. The market participants have upped the bets for a 0.50 point cut in the interest rates.

The US Federal Reserve will meet on September 18. The street is likely to face bear assaults until bullish cues emerge.

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Sensex shed 969 points on Friday. Nifty broke all support levels. The 50-share index first crashed through the pivot of 5035. Afterwards, the last support of the day at 24850 also crumbled.

Bank Nifty was bleeding on Friday. The banking index was hammered after a sell call by Goldman Sach on SBI. The PSU banking major is a big constituent of the Bank Nifty.

All US bourses were trading lower by one to 2.5 percentage points on Friday morning. The solace for bulls is that the US bourses are not bleeding heavily.

This week’s wonder kid IPO listing Premier Energies defied the gravity of the street. The scrip sharply climbed by another 10 per cent.

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The solar module manufacturer from Telangana is now inviting scrutiny of investors for astronomical gains in a span of a few days. The IPO price was ₹450. Premier Energies share closed the day on Friday at ₹1104.

But the eagle eyes on the street are spotting the shines from the jeweler segments. Market participants claimed that there is a buzz on the street around the jeweler stocks.

Titan has been on a phenomenal run. In the early session on Friday, Titan extended gains. In one month, the share of Titan has risen by 11 per cent.

The share of PC Jewelers is higher by 44 per cent in one month. The share of Kalyan Jeweller is higher by over 20 per cent in one month.

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The share of Motisons Jeweller has risen by 38 per cent in one month. The share of Thangamayil Jeweller has also gained 28 per cent in the last one month.

Manoj Vaibhav Gem N Jewellers has also risen by 11 per cent in one month. Kolkata-based Senco has given a return of 198 per cent in last one year.

A number of jewellers are lining up with initial public offers. P N Gadgil Jewellers will be coming up with its IPO on September 10.

Disclaimer: This article makes no recommendation for buy or sell of share of any company.

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