Why did Indian shares fall on Monday, and which sectors were most affected?

Indian shares fell on Monday due to a spike in crude oil prices following the failure of U.S.-Iran peace talks and Prime Minister Narendra Modi's remarks urging citizens to limit fuel consumption, non-essential foreign travel, and gold purchases amid the Iran war. All 16 major sectors logged losses, with jewellery stocks (e.g., Titan, Senco Gold, Kalyan Jewellers) dropping 3% to 4.5%, travel-linked stocks like Interglobe Aviation falling 3.2%, and oil marketing companies (BPCL, HPCL, IOC) declining about 1% each.

What was the impact of rising Brent crude prices on Indian markets, and how high did they go?

Brent crude jumped 4.1% to about $105.5 a barrel after U.S. President Donald Trump dismissed Iran’s response to Washington’s peace proposal as 'unacceptable,' triggering market concerns; this surge weighed on Indian equities—especially oil marketing and travel-related firms—and is detrimental for India, the world’s third-largest oil importer, as it exacerbates inflationary pressures and negatively impacts growth and corporate earnings.

Indian Shares Fall Amid Crude Spike, Modi Remarks on Fuel and Gold Purchases

May 10, 2026

Indian stock markets declined as Brent crude surged 4.1% to $105.5 amid US-Iran tensions, prompting Prime Minister Modi to urge reduced fuel consumption and gold purchases, impacting oil marketing and travel sectors.

reuters

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