Nifty Consumer Durables gains nearly 1% in weak market: Kalyan Jewellers, Blue Star among top contributors

Despite a weak market sentiment, the consumer durables stocks were seen higher in the late afternoon session on Thursday, August 28.

Last seen, Nifty Consumers Durables were up 0.97% at the 38,690.95 level. It had touched an intraday high of 38,699.30.

Most of the stocks were trading with gains on the index, with Kalyan Jewellers taking the lead, rising 3.11%. Blue Star (1.43%), Titan (1.37%), Whirlpool of India (1.22%) and Amber Enterprises (0.87%) were the other top gainers.

Shares of Voltas (0.85%), Bata India (0.84%), Dixon Technologies (0.73%), Havells India (0.38%), V-Guard Industries (0.36%) and Crompton Greaves (0.34%) were also trading in green.

However, shares of Cera Sanitaryware (-1.16%), PG Electroplast (-1.14%), Century Ply (-1.02%) and Kajaria Ceramics (-0.37%) were the only losers on the Nifty Consumer Durables index.

Textile, leather, gem and jewellery stocks declined on Thursday as the steep 50% tariff on Indian goods entering the United States came into effect.

However, shares of Kalyan Jewellers and Titan gained later after a report said Indian gem and jewellery exporters are seeking a bailout package due to Trump's 50% tariffs on Indian goods.

Effective August 27, the US has imposed a 50% duty on Indian goods, including textiles, gems and jewellery, and leather.

The report further stated that the council is advocating for a relief package that includes financial aid to help the sector explore new markets, a deferral of interest payments on working capital from August 1 until January 1, 2026, support for pre-shipment financing, and permission for Special Economic Zones (SEZs) to produce jewellery for the domestic market.

The United States had issued a draft notice detailing plans to implement an additional 25% tariff on Indian products from August 27, impacting more than $48 billion worth of India's exports to the US.

The total tariff on Indian goods entering the US market, with certain exceptions, will now be 50%. The US imposed a 25% tariff on India on August 7 and announced another 25% duty from August 27 as a penalty for buying Russian crude oil and military equipment.

Meanwhile, the government is trying to speed up the rollout of export promotion mission to help exporters, a government official said on Thursday.