Budget 2026: Kalyan Jewellers, Titan, Senco Gold, other jewellery stocks gain up to 5%

Union Budget 2026: Jewellery stocks climbed on Sunday, defying broader market volatility after Finance Minister Nirmala Sitharaman presented the Union Budget 2026 for the ninth time.

At last check on BSE, Kalyan Jewellers India shares were up 4.94 per cent at Rs 379.40 on BSE. Tata Group-backed Titan Company shares also climbed to Rs 129.90 apiece, a gain of 3.27 per cent.

“Titan Company, on the technical front, the stock faces resistance in the Rs 4,100–Rs 4,300 range, while key support lies between Rs 3,500–Rs 3,760 levels that traders will monitor closely for potential breakouts or pullbacks,” said Sachin Gupta, VP-Research of Choice Equity Broking.

While other Jewellery stocks, such as Senco Gold was up 0.50 per cent to Rs 309.30. Rajnish Retail shares rose 3.48 per cent to Rs 3.2, while Manbro Industries stock surged 5 per cent to Rs 740.25. Similarly, Mayur Leather Products rose 4.96 per cent to Rs 23.50.

Jewellery stocks are navigating an interesting phase, influenced by falling gold prices alongside underlying market demand. Over the past three days, gold has eased sharply, providing some relief in raw material costs for jewellers but at the same time dampening the bullish momentum that had supported these stocks in recent weeks, Gupta said.

Gupta said Kalyan shares, though showing volatility, has resistance around Rs 385–Rs 400 and support near Rs 320–Rs 340, marking important zones for trend continuation or possible correction.

“We thank the Government for a positive, growth-focused Budget that addresses key bottlenecks and gives fresh momentum to India’s gems and jewellery sector. It improves liquidity, supports manufacturing and strengthens exports across the value chain,” said Kirit Bhansali, Chairman at GJEPC.

This upward momentum comes as a sigh of relief for the street. Finance Minister Nirmala Sitharaman allayed concerns about a import duty hike on gold.

Meanwhile, on the MCX, gold futures prices witnessed a sharp recovery from their day’s lows. The yellow metal revived from a low of Rs 1.38 lakh per 10 grams to trade around Rs 1.49 lakh per 10 grams, against its previous close of Rs 1.52 lakh.

The Union Budget 2026 has taken a positive step towards reducing the customs duty burden on goods imported for personal use, with the tariff rate proposed to be reduced from 20% to 10%, said Atul Menon, Partner, King Stubb & Kasiva, Advocates and Attorneys.

“This rationalisation will make routine imports simpler and more affordable for individuals. However, it is important to note that this reduction does not extend to jewellery or precious metals, which continue to attract higher duties under existing customs rules. The measure is therefore aimed at general consumer goods, reflecting a balance between facilitating personal imports and safeguarding revenue on high-value items,” Menon said.

Gupta added that what's interesting right now is that jewellery stocks are holding up even as gold prices fall. This suggests that the sector isn’t just reacting to commodity swings instead, stocks like Titan, Kalyan Jewellers, and Senco Gold are reflecting underlying demand trends and company-specific strengths. 

“For me, it feels like the market is separating short-term gold movements from the broader growth story in gems and jewellery, which could create selective opportunities for those willing to watch key support and resistance levels closely,” Gupta said.