Markets Fall; Jewellery Stocks Hit by PM Modi’s Gold Remark

Weak global cues from Wall Street futures and Prime Minister Narendra Modi’s appeal to curb foreign exchange outflows added pressure to domestic markets. At the opening bell, the BSE Sensex stood at 76,378.03 points, down 950.16 points or 1.23 per cent. The NIFTY 50 opened at 23,900.25 points, declining 275.90 points or 1.14 per cent. The jewellery sector witnessed sharp selling after PM Modi urged citizens to conserve foreign exchange reserves by avoiding unnecessary foreign travel, overseas vacations and non-essential gold purchases for one year. Following the remarks, shares of Senco Gold Limited fell 8.98 per cent to Rs 332.60,…