Sensex sinks 1,313 points as Titan, SBI drag markets; ₹6 lakh crore wiped out in selloff

The equity benchmark indices closed sharply lower on Monday (May 11) with the Sensex falling more than 1,300 points and the Nifty slipping below the 23,850 mark amid broad-based selling across sectors.

The Sensex declined 1,313 points to close at 76,015, while the Nifty fell 360 points to settle at 23,816. The selloff erased nearly ₹6 lakh crore in market capitalisation of BSE-listed companies.

Market breadth remained firmly negative, with the NSE advance-decline ratio at 1:3. Twenty-six of the 30 Sensex constituents ended in the red. The Nifty Bank index dropped 871 points to 54,440, while the Nifty Midcap index fell 653 points to 61,258.

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From the Sensex basket, Tata Consumer Products Ltd, Max Healthcare Institute Ltd, Coal India Ltd, Sun Pharmaceutical Industries Ltd, SBI Life Insurance Company Ltd and Nestle India Ltd were the major gainers. Titan Company Ltd, InterGlobe Aviation Ltd, State Bank of India, Bharti Airtel Ltd, Eternal Ltd and Jio Financial Services Ltd were the biggest laggards.

Heavyweights including Reliance Industries, Bharti Airtel, State Bank of India and Titan Company dragged the benchmarks lower. Jewellery stocks witnessed sharp selling after Prime Minister Narendra Modi called for reduced gold purchases. Titan fell 7%. SBI extended losses from Friday and dropped nearly 11% over two sessions.

Among individual stocks, Vodafone Idea Limited surged over 8% after Vodafone Plc announced the restructuring of its holding. UPL Limited rose over 6% from the lows after reporting strong fourth-quarter results.
Canara Bank dropped more than 7% from its highs after its Q4 net profit fell 10% year-on-year.

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Urban Company declined 9% after its Q4 net loss widened, while PVR INOX fell 8% from the highs despite returning to profit in the fourth quarter. Swiggy slipped over 5% as growth in its quick commerce business lagged peers in Q4.

On the gaining side, Tata Consumer Products emerged as the top Nifty gainer, rising nearly 8% after strong Q4 results. Multi Commodity Exchange of India gained nearly 4% after Q4 EBITDA rose 35% year-on-year. Meanwhile, ABB India fell over 9% after its Q1CY26 earnings missed estimates.