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Benchmark as well as broader markets extended losses. The Sensex was down 410.46 points or 1.53 percent at 26408.36, and the Nifty down 148 points or 1.78 percent at 8148.30.
The Centre’s move to scrap ₹500 and ₹1,000 notes from midnight Tuesday is likely to impact the demand for the yellow metal in a big way. Stocks of listed gold companies took a beating in the market on Wednesday. Titan, Gitanjali Gems, Thangamayil Jewellery and PC Jeweller were down 5-10 per cent.
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A host of companies including Ambuja Cements, Berger Paints, Century Enka, Chemfab Alkalis, Dr Lal Path, EIH, Esab India, Geojit BNP, Grindwell Norton, FACT, ICRA, Monsanto India, MphasiS, Srei Equipment Finance, Sundaram Clayton, Take Solutions, Thangamayil Jewellery, TTK Prestige, Tube Investments, Wheels India and Whirlpool of India will announce their financial results on Thursday for the quarter and half-year ended September 2016.
Shares of major jewellery-making companies rallied on Thursday as the government relaxed excise duty rules for jewellery manufacturers. Shares of Tara Jewels, Shree Ganesh Jewellery, Goenka Diamond and Jewels among others were up between 5% and 8%.
Shares of 9 jewellery retainers were up 0.78% to 8.6% at 10:39 IST after the government accepted the recommendation of a committee and relaxed the rules on excise duty on gold jewellery.