Stock Market, May 11 Midday Report: Sensex Plunges 910 pts; Trump's Rejection of Iran’s Response Sends Markets Tumbling

Mumbai, May 11: Indian equity markets fell sharply on Monday, with the BSE Sensex plunging 909.83 points or 1.18% to 76,418.36 and the Nifty 50 declining 245.15 points or 1.01% to 23,931 at 11:52 am, as President Donald Trump’s blunt rejection of Iran’s peace proposal over the weekend dashed hopes of a diplomatic breakthrough and sent oil prices surging.

Markets opened under heavy pressure, tracking negative global cues from Sunday’s developments, with the Nifty briefly breaking below the psychologically significant 24,000 mark in early trade and struggling to recover as selling intensified through the mid-morning session driven by broad-based risk aversion.

Gainers & Losers

Among the Nifty’s top gainers in Monday’s morning trade, Tata Consumer Products led strongly, rising from a previous close of ₹1,176.20 to an LTP of ₹1,231.20, up 4.68%, followed by Max Healthcare climbing to ₹1,029.80 from ₹1,012.50, up 1.71%, Sun Pharma advancing to ₹1,877.20 from ₹1,847.90, up 1.59%, Coal India rising to ₹461 from ₹456.40, up 1.01%, and Nestle India gaining to ₹1,492.90 from ₹1,482.40, up 0.71%.

On the losing side, Titan was the biggest drag, falling sharply to ₹4,214.30 from a previous close of ₹4,509, down 6.54%, followed by IndiGo declining to ₹4,307.10 from ₹4,522.70, down 4.77%, SBI tumbling to ₹980.20 from ₹1,019.30, down 3.84%, Bharti Airtel sliding to ₹1,767.10 from ₹1,834.50, down 3.67%, and Eternal falling to ₹247.91 from ₹256.39, down 3.31%.

Broader Markets & Sectoral Indices

Broader markets were also under pressure but holding up slightly better than the frontline indices, with the Nifty Midcap 50 down 0.68%, the Nifty Smallcap 100 declining 0.83% and the Nifty Midcap 100 falling 0.77%, suggesting selective buying interest continued in pockets of the mid and small cap space.

On the sectoral front, Nifty Pharma was the standout outperformer, gaining 0.63%, while Nifty Healthcare rose 0.66% and Nifty IT advanced 0.36% defensive and export-oriented sectors finding favour amid the risk-off mood. On the negative side, Nifty Consumer Durables was the sharpest sectoral loser, falling 3.09%, followed by Nifty Realty down 2.11%, Nifty Auto declining 1.54% and Nifty PSU Bank tumbling 1.46%, as rate-sensitive and oil-exposed sectors bore the brunt of Monday’s selloff.

Iran War

Trump on Sunday dismissed Iran’s response to the US peace proposal as “totally unacceptable” on social media, rejecting Tehran’s demands which included compensation for war damages, an end to the naval blockade, lifting of sanctions and recognition of Iranian sovereignty over the Strait of Hormuz. Iran’s proposal had also sought a comprehensive end to fighting on all fronts including Lebanon, which the US viewed as a significant departure from its preferred sequencing of ending hostilities before tackling more contentious issues. Market attention now shifts to Trump’s scheduled visit to Beijing on Wednesday, where discussions with Chinese President Xi Jinping on leveraging China’s influence over Iran to push for a ceasefire are being closely watched.

Oil Prices

Oil prices jumped sharply on Monday, with Brent crude climbing $3.18 or 3.14% to $104.47 a barrel and WTI rising $3.09 or 3.24% to $98.51, as the failed peace attempt kept the Strait of Hormuz effectively closed and global energy supplies constrained. The renewed oil price surge revived inflationary concerns for India, prompting the Reserve Bank of India to likely intervene in the foreign exchange market to limit the rupee’s fall, with the currency declining to a low of 94.9650 per dollar before paring losses to trade at 94.9050 — down 0.4% on the day. Prime Minister Narendra Modi on Sunday urged Indian citizens and businesses to conserve fuel, a signal that added to market caution about the conflict’s economic spillovers.

Asian Markets

Asian markets were broadly in the red on Monday, with Indonesia’s JSX Composite the worst performer, plunging 2.86%, followed by Pakistan’s KSE 100 falling 1.03% and Japan’s Nikkei 225 declining 0.48%. Australia’s ASX All Ordinaries shed 0.42%, Malaysia’s KLCI lost 0.48% and Thailand’s SET eased 0.44%, while Hong Kong’s Hang Seng bucked the trend with a marginal gain of 0.07% and Shanghai’s composite rose 1.05%, providing the only notable bright spots in an otherwise risk-averse regional session.

Sources:

• bseindia.com
• https://www.nseindia.com/market-data/live-market-indices
• https://www.nseindia.com/market-data/top-gainers-losers
• https://www.reuters.com/world/china/trump-rejects-irans-response-us-peace-proposal-unacceptable-2026-05-11/
• https://www.reuters.com/business/energy/oil-jumps-us-iran-fail-reach-agreement-peace-proposal-2026-05-10/
• https://www.reuters.com/markets/asia/