Textile, leather, gems and jewellery stocks decline in morning trade

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

Shares of Alok Industries tanked 4.13%, Raymond Lifestyle fell by 3.66%, Siyaram Silk Mills dropped 2.92%, Welspun Living declined 2.53%, Gokaldas Exports went lower by 2.35% and Trident Ltd dipped 2.16% on the BSE.

Among leather and footwear stocks, Zenith Exports tumbled 4.33%, Relaxo Footwears dropped 2.34%, Superhouse Ltd slipped 1% and Khadim India dipped 0.77%.

The steep 50% tariff on Indian goods entering the United States, which came into effect from August 27, would impact exports worth more than $48 billion.

The sectors which would bear the brunt of the high import duties imposed by the Trump administration include textiles/clothing, gems and jewellery, shrimp, leather and footwear, animal products, chemicals, and electrical and mechanical machinery.

Among gems and jewellery stocks, Uday Jewellery Industries fell 2.49%, Senco Gold dropped 2.20%, Tribhovandas Bhimji Zaveri declined 1.87% and P N Gadgil Jewellers dipped 1.10%.

In the equity market, the 30-share BSE Sensex tanked 693.02 points to 80,093.52 during morning trade. The 50-share NSE Nifty dived 204.85 points to 24,507.20.