An overnight move by the Reserve Bank of India to ease gold import and lending norms for banks is pushing up shares of jewellery makers, as well as shares of lenders which accept gold as collateral.

Traders said on Thursday that shares of Federal Bank, Muthoot Finance Ltd as well as Mannapuram Finance Ltd were being closely watched after the RBI late on Wednesday allowed banks to lend against gold, lifting a ban imposed in end-June 2013.

Gitanjali Gems was trading up 3.69 per cent or Rs 2 at Rs 56.15. PC Jeweller shot up 4.22 per cent or Rs 10.25 to 253.25 in morning trade.

Thangamayil Jewellery was up 2.88 per cent or Rs 6 at Rs 214 while Tribhovandas Bhimji Zaveri was up 1.51 per cent or Rs 2.65 at Rs 178.10.

Muthoot Finance was up Rs 1.15 or 0.5 per cent at Rs 218 while Manappuram Finance was down 1.41 per cent at Rs 34.85 on the BSE. Federal Bank was trading up 1.06 per cent or Rs 1.45 at Rs 138.25.

Titan was trading up 1.35 per cent or Rs 5.80 at Rs 436 on the BSE.

"Gold-related stocks would gain. It also shows RBI's comfort due to rising forex reserves," said Deven Choksey, managing director, K R Choksey Securities, in Mumbai.

The central bank also clarified that so-called star or premier trading houses would be allowed to import gold without any end use restrictions, two months after it scrapped a rule on exporting 20 percent of total gold imports.

"All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans," the RBI said.

India kept its current account deficit in check between July and September despite easing curbs on gold imports, thanks to a sharp increase in foreign investments and cheaper oil.

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