A view of the Bombay Stock Exchange. FIle
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Investors got back to selling of Indian stocks aggressively after a few weeks of calm as U.S. President Donald Trump rejected Iran’s response to the peace proposals and Prime Minister Narendra Modi “advised” citizens to cut buying forex depleting goods and services.
On Monday (May 11, 2026), Nifty 50 and Sensex fell 1.3% and 1.5% to 23,852.30 and 76,184.15 as of 10:20 a.m. responding to the return of tensions between U.S. and Iran which led to India’s caution.
The domestic currency depreciated ₹.1.45 to ₹94.98 on open, as compared to ₹93.5 on Friday (May 8, 2026), going by spot market data from Clearing Corporation of India. Global oil prices increased, as Brent crude futures were up 4.4% , crossing $105 a bbl.
On Truth Social, Mr. Trump posted: “just read the response from Iran’s so-called ‘Representatives.’ I don’t like it — TOTALLY UNACCEPTABLE!”, rejecting Iran’s responses to the U.S. peace proposals, without disclosing the details.
Closer home at a rally at Telangana, Mr. Modi advised that citizens cut consuming imports, even going as far as advocating Work From Home, and appealing citizens to not buy gold jewellery for the next one year. “Petrol-diesel has become so expensive across the world. It is the responsibility of all of us that the foreign exchange spent on purchasing petrol-diesel should also be saved by conserving petrol-diesel…I would appeal to people not to buy gold for weddings for one year,” he said.
Published – May 11, 2026 10:52 am IST
