Dhanteras, Diwali 2026: Titan, Shanti Gold, Senco among top jewellery stocks to buy for long-term | Check list
Jewellery stocks are in focus on Thursday, 5 November, amid renewed buying interest ahead of Dhanteras, as a sharp recovery in gold prices lifts sentiment towards the sector. Gold prices have rebounded after correcting nearly 12% over the past six months, offering some relief to investors and raising expectations of a recovery in jewellery demand during the festive and upcoming wedding seasons.
According to a Reuters report, spot gold climbed 1.9% to $4,134.83 per ounce by 0316 GMT on Thursday, hitting its highest level since 22 October. US gold futures for December delivery advanced 1.8% to $4,144.20 per ounce. The latest recovery followed a 3.4% surge in spot gold in the previous session, its biggest single-day gain since 19 August.
According to experts, the rebound was driven by a weaker US dollar and declining US Treasury yields following the Democratic Party's strong performance in the US midterm elections. A softer dollar makes gold more affordable for overseas buyers, while lower bond yields improve the appeal of the non-interest-bearing metal.
The recovery in bullion prices comes ahead of Dhanteras, when gold purchases traditionally gather momentum. The World Gold Council (WGC), in its latest quarterly outlook, said the festive and wedding seasons are expected to support gold demand, while continued central bank purchases could provide further support to prices over the next 12 months.
Against this backdrop, jewellery stocks such as Titan, Kalyan Jewellers, Sky Gold, P N Gadgil Jewellers, Senco Gold, Shanti Gold, Shringar House of Mangalsutra, Tribhovandas Bhimji Zaveri, Khazanchi Jewellers and Lalithaa Jewellery Mart are trading higher in Thursday's session.
With jewellery demand expected to improve during the festive and wedding seasons, market experts are selectively bullish on organised jewellers and jewellery manufacturers. They believe companies gaining market share, expanding their retail presence and improving their product mix could outperform the broader sector.
Preeyam Tolia, Research Analyst at Choice Institutional Equities, said the jewellery sector has consistently outperformed the broader retail industry over the past several quarters, supported by resilient consumer demand despite elevated gold prices. Organised jewellers have continued to gain market share through rapid store expansion, particularly in Tier-II and Tier-III cities.
Tolia expects underlying jewellery demand to remain stable, with the second half of FY27 likely to outperform the first half. The recent correction in gold prices ahead of the festive and wedding seasons could support demand, while a shift in festive purchases towards the December quarter may drive stronger sequential performance in Q3 FY27. Robust wedding demand is also expected to provide further support to sector growth.
Among its preferred picks, Choice Institutional Equities favours B2B jewellery manufacturers Shanti Gold and Shringar House of Mangalsutra. Tolia believes capacity expansion, increasing outsourcing by organised retailers and a wider product portfolio could support relatively stronger earnings growth over the next 12–18 months.
The brokerage has set a target price of ₹350 for Shanti Gold and ₹330 for Shringar House of Mangalsutra.
Among listed jewellery retailers, Titan and Kalyan Jewellers remain key stocks to watch, supported by their strong business performance and growth prospects.
Titan's jewellery business recorded 21% year-on-year growth in Q2 FY27, while Kalyan Jewellers reported 27% growth in India revenue, supported by 20% same-store sales growth.
Market experts believe Titan offers stronger brand positioning and execution capabilities, while Kalyan Jewellers provides a relatively higher growth opportunity through its store expansion strategy. Senco Gold is another stock worth tracking.
Key monitorables for jewellery companies include volume growth, the share of studded jewellery in sales, operating margins and inventory management. Experts suggest investors should focus on companies gaining market share rather than those benefiting solely from changes in gold prices.
Sunny Agrawal, Head of Fundamental Research at SBI Securities, also sees opportunities in the jewellery segment and recommended keeping Sky Gold, P N Gadgil Jewellers, Senco Gold and Titan on investors' radar.
Kranthi Bathini, Equity Strategist at WealthMills Securities Pvt. Ltd., said the ongoing consolidation in gold and silver prices could create opportunities in jewellery stocks ahead of the festive and wedding season.
He noted that Indian consumers tend to increase gold purchases when prices correct, as lower prices make jewellery more affordable. This could support demand in the coming months and benefit jewellery companies.
Among large-cap stocks, Bathini recommended tracking Titan and Kalyan Jewellers. In the mid- and small-cap segments, he suggested keeping Tribhovandas Bhimji Zaveri, Khazanchi Jewellers and Lalithaa Jewellery Mart on the watchlist.
From a technical perspective, Titan Company and P N Gadgil Jewellers are showing stronger accumulation signals ahead of Dhanteras, while some other jewellery stocks continue to face resistance at key technical levels.
Virat Jagad, Senior Technical Research Analyst at Bonanza, said Titan and P N Gadgil have successfully reclaimed important moving averages and are displaying positive momentum. He noted that Kalyan Jewellers, Goldiam International and Senco Gold, meanwhile, are facing overhead exponential moving averages (EMAs) and trendline resistance, requiring further confirmation before fresh entry.
Jagad's technical recommendations are as follows:
- Entry range: ₹4,800–4,835
- Stop-loss: ₹4,600 (on a closing basis)
- Targets: ₹5,100 and ₹5,200
Jagad said Titan witnessed a sharp bullish move, reclaiming its 20-day, 50-day and 100-day EMAs around ₹4,532–4,618 amid strong buying interest. Its relative strength index (RSI) has moved above 68, indicating strong momentum following a bottoming accumulation pattern.
- Entry range: ₹595–605
- Stop-loss: ₹565 (on a closing basis)
- Targets: ₹660 and ₹690
According to Jagad, P N Gadgil formed a base near ₹550 before moving above its 20-day and 50-day EMAs around ₹583–591. Its RSI at 57.10 indicates improving bullish momentum, supported by a sustained higher-low structure.
Overall, experts believe the festive and wedding seasons could support jewellery demand, but stock selection remains crucial. While established retailers such as Titan and Kalyan Jewellers offer exposure to organised retail growth, manufacturers such as Shanti Gold and Shringar House of Mangalsutra could benefit from capacity expansion and outsourcing trends. Investors should also track technical levels and company-specific execution before taking fresh positions.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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