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Market News

Stock market crash: SENSEX plunges over 900 points, NIFTY50 slips below 24,000; Key factors behind market fall

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By Sreenivas Ajankar

3 min read | Updated on May 11, 2026, 12:55 IST

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SUMMARY

NIFTY50 and SENSEX started the week on a negative note as both benchmark indices declined sharply after failed US-Iran talks and a surge in crude oil prices. Titan shares tumbled over 6% after PM Modi appealed to citizens to avoid non-essential gold purchases for one year.

NIFTY50_crash_factor

US President Donald Trump called Iran's peace response “totally unacceptable”.

NIFTY50 and SENSEX saw a sharp decline on Monday, May 11, falling for the third straight session after crude oil prices rose once again and US-Iran peace talks failed to reach any conclusion.

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As of 12:15 pm, the NIFTY50 index is trading 235 points or 0.9% lower at 23,939 with a day low of 23,845. Meanwhile, BSE SENSEX is down 900 points or 1.1% lower at 76,427. SENSEX hit a day low of 76,165 today. Among the NIFTY50 stocks, around 33 are trading in the red with Titan (-6.1%), IndiGo (-4.8%) and SBI (-4.1%) being the top losers.

Amid this substantial fall, investors witnessed over ₹5 lakh crore of cumulative market cap loss. BSE-listed stocks market cap dropped to ₹468 lakh crore from ₹473.5 lakh crore in the previous session.

Why are stock markets down today?

US-Iran peace talks: Domestic and Asian markets tumbled after the US President Donald Trump rejected Iran’s response to the US peace proposal to bring an end to the war, calling Iran's peace response “totally unacceptable”. This made investors' sentiments weak and led to further uncertainty in global stock markets.
Oil prices surge again: Following the failed US-Iran peace talks, Brent Crude oil prices saw a sharp rise to as high as $106 per barrel, mainly due to uncertainty over the US naval blockade in the Strait of Hormuz region. Rising oil prices due to supply disruption add to inflationary pressures in India which import about 85-90% of its total oil requirements. Rising inflation could slow down the domestic and global economic growth.
PM Modi urges citizens to conserve foreign exchange: Some sectors, like gold and jewellery, Oil & Gas, travel and tourism, saw a substantial fall today after Prime Minister Narendra Modi appealed to citizens to help the country withstand global economic uncertainties by avoiding non-essential purchases of gold for one year to reduce pressure on foreign exchange outflows and advised against going on foreign tours. He also made a call to reduce petrol and diesel consumption, promote the use of metro rail and public transport.
Indian Rupee falls as oil prices shock: Indian rupee opened sharply lower today, falling 139 paise to a low of 94.90 against the US dollar after strength in the US dollar index and steep FPI outflows put pressure on domestic currency.

Broader market indices like NIFTY Midcap100 (-0.7%) and NIFTY Smallcap100 (-0.7%) are also trading lower. The volatility index, or India VIX, is up 8.4% to 18.27. NIFTY Pharma (+0.3%), NIFTY IT(+0.2%) and NIFTY FMCG(+0.07%) are trading marginally higher, while NIFTY Realty (-2.2%), NIFTY Auto (-1.5%), and NIFTY PSU Bank (-1.4%) are among the top sectoral losers.

About The Author

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Sreenivas Ajankar is a Deputy Editor at Upstox and has over nine years of experience in capital markets. His areas of expertise include equity research, analysis and business valuation.

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