The equity benchmarks closed sharply lower on Monday (May 11) with the Sensex falling 1,313 points to 76,015 and the Nifty declining 360 points to 23,816, according to reports from CNBC TV18. The selloff erased nearly ₹6 lakh crore in market capitalisation of BSE-listed companies amid broad-based selling across sectors. The Nifty Bank index dropped 871 points to 54,440, while the Midcap index fell 653 points to 61,258. Market breadth remained firmly negative with the NSE advance-decline ratio at 1:3, indicating widespread selling pressure across the market.
Heavyweights including Reliance Industries Limited, Bharti Airtel Limited, State Bank of India and Titan Company Limited dragged the benchmarks lower, as reported by CNBC TV18. Among the Sensex basket, Titan Company Ltd, InterGlobe Aviation Ltd, State Bank of India, Bharti Airtel Ltd, Eternal Ltd and Jio Financial Services Ltd were the biggest laggards. Titan fell 7% following sharp selling in jewellery stocks after Prime Minister Narendra Modi called for reduced gold purchases. SBI extended losses from Friday and dropped nearly 11% over two sessions. From the Sensex constituents, 26 of the 30 stocks ended in the red. According to The Hindu BusinessLine, Titan shares tumbled 8% after PM Modi's gold purchase remarks overshadowed Q4 earnings beat, while SBI shares fell over 3% after Q4 miss on margin pressure, treasury losses.
According to CNBC TV18, from the Sensex basket, Tata Consumer Products Ltd, Max Healthcare Institute Ltd, Coal India Ltd, Sun Pharmaceutical Industries Ltd, SBI Life Insurance Company Ltd and Nestle India Ltd were the major gainers. Tata Consumer Products Limited emerged as the top Nifty gainer, rising nearly 8% after strong Q4 results. Multi Commodity Exchange of India Limited gained nearly 4% after Q4 EBITDA rose 35% year-on-year. Among individual stocks, Vodafone Idea Limited surged over 8% after Vodafone Plc announced the restructuring of its holding, while UPL Limited rose over 6% from the lows after reporting strong fourth-quarter results. As per The Hindu BusinessLine, Tata Consumer Products jumps to two-year high on upbeat volume growth with 18% year-on-year sales growth and 16% underlying India volume increase.
As reported by CNBC TV18, Canara Bank dropped more than 7% from its highs after its Q4 net profit fell 10% year-on-year. Urban Company Limited declined 9% after its Q4 net loss widened. PVR INOX Limited fell 8% from the highs despite returning to profit in the fourth quarter. Swiggy Limited slipped over 5% as growth in its quick commerce business lagged peers in Q4. Meanwhile, ABB India Limited fell over 9% after its Q1CY26 earnings missed estimates. According to The Hindu BusinessLine, Urban Company shares fell 10% to ₹126.02 after posting widening of consolidated loss to ₹161 crore for March quarter FY26 mainly on account of investment in new service InstaHelp. SBI reported weaker-than-expected fourth quarter with net interest income rising 3.8% year-on-year but declining 2% quarter-on-quarter to ₹443.8 billion, missing JPMorgan estimates by 6%.
The market decline was triggered by US President Donald Trump's dismissal of Iran's response to the latest peace proposal as "totally unacceptable," as reported by The Hindu BusinessLine. This development has intensified fears over prolonged West Asia conflict and reduced hopes of diplomatic resolution. Crude oil futures jumped more than 4% after Trump rejected Iran's response, with July Brent oil futures at $105.44 and WTI at $99.73. The Indian rupee slumped nearly 0.9% to a record low of 95.31 against the dollar on Monday as soaring crude oil prices and renewed US-Iran tensions triggered heavy pressure on emerging market currencies. Market experts warn that elevated oil prices, pressure on the rupee and widening current account deficit risks could weigh on India's economic outlook. According to The Hindu BusinessLine, India's growth to slow to 6.7% on waning momentum, oil price shock: BMI from the current 7.7% in 2025-26.
