SENSEX drops 1,313 points, posts biggest single-day loss in over two months, NIFTY50 ends below 23,820

The Indian equity benchmarks posted their biggest single-day drop in over two months on Monday, May 11, as crude oil prices jumped above $105 per barrel in international markets after US President Donald Trump rejected Iran’s response to the US proposal of a potential peace deal. Falling rupee against the US dollar also added to investors' worries.

The SENSEX fell as much as 1,371 points and NIFTY50 index touched an intraday low of 23,799, eroding investors’ wealth worth ₹5.66 lakh crore during the session.

The SENSEX ended 1,313 points lower at 76,015 and NIFTY50 index dropped 360 points to close at 23,816 dragged down by index heavyweights like Reliance Industries, HDFC Bank, Bharti Airtel, State Bank of India, Titan, Eternal, Mahindra & Mahindra and Bajaj Finance.

Back home, selling pressure was visible across board as all the major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY Consumer Durables index's 3.7% fall.

NIFTY Oil & Gas, Realty, Bank, PSU Bank, Auto and Metal indices also fell between 1% and 3%.

On the flip side, select pharma and healthcare shares witnessed buying interest.

Broader markets also faced the heat of selling pressure as NIFTY Midcap 100 index declined 1.05% and NIFTY Smallcap 100 index fell 1.13%.

Shares of jewellery retailers like Titan, Senco Gold, Kalyan Jewellers, Goldiam International and Thangamayil Jewellery tumbled in trade today after Prime Minister Narendra Modi urged the citizens to avoid non-essential gold purchases for one year in order to reduce pressure on foreign exchange outflows.

Titan was top loser in the NIFTY50 index, the stock fell 6.85% to close at ₹4,200. InterGlobe Aviation dropped 4.72% tracking a surge in crude prices.

State Bank of India, Eternal, Jio Financial Services, Bharti Airtel, Reliance Industries, Cipla, Shriram Finance and Tata Motors PV also fell between 2.7% and 4.4%.

On the flip side, Tata Consumer Products was top gainer in the NIFTY50 index, the stock closed 8% higher after it recorded healthy profit growth on sustained margin improvement and revenue growth.

Tata Consumer Products recorded a 20% increase in its consolidated net profit to ₹491 crore in the fourth quarter of the financial year ended 2025-26, compared with ₹407 crore in the same period a year earlier.

Max Healthcare, Coal India, Sun Pharma, Hindustan Unilever and Grasim were also among the notable gainers in the NIFTY50 index.

The overall market breadth was extremely negative as 2,366 shares ended lower while 963 closed higher on the NSE.