Noida, May 11 (APAC Media): Indian equity benchmarks ended sharply lower on Monday, with selling pressure seen across sectors as weak global cues, a depreciating rupee, and rising crude oil prices dented investor sentiment across the BSE and NSE.
Sensex plunged 1,312.91 points to close at 76,015.28, while the Nifty dropped 360.30 points to settle at 23,815.85. The index mirrored weakness across global markets, with risk-off sentiment dominating trading activity throughout the session.
On the NSE Nifty 50, benchmark indices also declined sharply, slipping below key psychological levels during the day as broad-based selling dragged frontline stocks lower. Market breadth remained negative, with declining stocks outnumbering advances across the National Stock Exchange.
The rupee plunges to a new record low, slipping 0.9% in a single day to 95.31 against the US dollar.
Gold Demand Fears Trigger 11% Fall in Jewellery Stocks After PM Modi’s Gold Buying Remarks
Jewellery stocks witnessed heavy selling pressure after Prime Minister Narendra Modi, in a Sunday address, urged citizens to support conservation of India’s foreign exchange reserves by reducing avoidable overseas spending and discretionary gold purchases.
In his appeal, he advised people to temporarily cut back on non-essential foreign travel, overseas holidays, and destination weddings abroad while encouraging greater focus on domestic tourism.
ఈ రోజు ప్రపంచవ్యాప్తంగా ఏర్పడిన సవాళ్లను మనం అధిగమించాలి. విదేశీ మారక ద్రవ్యాన్ని ఆదా చేయడానికి ఏ మార్గాలైనా ఉంటే, వాటిని తప్పకుండా అనుసరించాలి. pic.twitter.com/okLgcEkecs
— Narendra Modi (@narendramodi) May 10, 2026
“At a time when the world is facing uncertainty and crude oil prices are rising, every citizen should think about the nation’s interest. If possible, avoid unnecessary gold purchases and reduce spending abroad,” the prime minister said.
The announcement sparked a sharp selloff across jewellery stocks. Senco Gold Limited fell 8.98% to Rs 332.60, while Titan Company Limited declined 5.34% to Rs 4,268.10. Kalyan Jewellers India Limited slipped 7.43% to Rs 393.00, and PC Jeweller Limited eased 3.89% to Rs 9.13.
The MCX India saw heightened activity in energy-linked contracts as crude oil surged in international markets, further fuelling inflationary concerns and weighing on rate-sensitive sectors such as banking and auto.
Sectorally, banking and financial services stocks led the decline, followed by IT and consumer discretionary counters. Metal and energy stocks also faced selling pressure, while select defensive pharma names showed relative resilience.
Foreign institutional investors (FIIs) remained net sellers in the cash segment, while domestic institutional investors provided partial support, helping limit deeper losses in select mid-cap and large-cap stocks.
Analysts noted that sustained geopolitical tensions, coupled with uncertainty over global interest rate trajectories, continued to drive volatility across Indian exchanges.
Market participants will closely track global crude oil movement, rupee stability, and foreign fund flows for further direction in upcoming sessions.
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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