Jewellery stocks end mixed Sky Gold tanks over 7 pc

     New Delhi, May 13 (PTI) Jewellery stocks ended on a mixed note on Wednesday, with Sky Gold dropping over 7 per cent, amid fears of reduced demand due to import duty hikes.
     The government on Wednesday hiked import duties on gold and silver to 15 per cent from 6 per cent as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
     Shares of Sky Gold And Diamonds tumbled 7.24 per cent, Kalyan Jewellers dipped 1.85 per cent and Tribhovandas Bhimji Zaveri skidded 0.22 per cent on the BSE.
     Some of the stocks, however, bounced back. Senco Gold climbed 3.77 per cent, Titan Company edged higher by 0.95 per cent and PC Jeweller went up marginally by 0.12 per cent.
     Jewellery stocks faced massive selling pressure in the last two trading days.
     The 30-share BSE Sensex rose 49.74 points, or 0.07 per cent, to settle at 74,608.98. The 50-share NSE edged higher by 33.05 points or 0.14 per cent to end at 23,412.60.
     On Sunday, Prime Minister Narendra Modi made a clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange.
     The finance ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13.
     The duty hikes will raise the overall customs duty on gold to 15 per cent.
     India is the world's second-biggest gold consumer after China. The imports are largely driven by the jewellery industry.

(This story has not been edited by THE WEEK and is auto-generated from PTI)