As per provisional closing data, the barometer index, the S&P BSE Sensex, tanked 1,312.91 points or 1.70% to 76,015.28. The Nifty 50 index fell 360.30 points or 1.49% to 23,815.85. In three consecutive trading sessions, the Sensex dropped 2.49% while the Nifty 50 fell 2.1%

In the broader market, the BSE 150 MidCap Index slipped 1.26% and the BSE 250 SmallCap Index declined 0.96%.

The market breadth was weak. On the BSE, 1,464 shares rose and 2,890 shares fell. A total of 184 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 10.16% to 18.55.

In the commodities market, Brent crude for July 2026 settlement added $2.57 or 2.54% to $103.86 a barrel after the US President Donald Trump rejected Iran's response to the American peace proposal as totally unacceptable.

In the foreign exchange market, the rupee weakened against the US dollar. The partially convertible rupee was hovering at 95.3400 against the dollar, compared with its previous close of 94.4900 in the last trading session, reflecting continued pressure on the domestic currency.

PM Modi Urges Austerity Amid Energy Crisis:

Amid elevated crude oil prices and the ongoing U.S.-Iran conflict, Prime Minister Narendra Modi urged citizens to adopt austerity measures, including reducing petrol and diesel consumption, avoiding non-essential gold purchases and foreign travel, and promoting the use of locally manufactured products. He also advocated greater use of public transport, EVs, work-from-home practices, and domestic tourism to conserve foreign exchange reserves and strengthen India's economic resilience.

The Prime Minister also called for reduced edible oil consumption and lower dependence on chemical fertilizers, while encouraging natural farming and wider adoption of solar-powered irrigation systems. Stressing the importance of the 'Vocal for Local' initiative, Modi said increasing the use of indigenous products was essential to reduce import dependence and safeguard national interests amid global economic disruptions.

Buzzing Index:

The Nifty Consumer Durables index declined 2.66% to 49,666.30. The index rose 0.69% in the past trading session.

Kalyan Jewellers India (down 9.1%), Titan Company (down 6.86%), Whirlpool of India (down 4.79%), PG Electroplast (down 3.76%), Amber Enterprises India (down 3.23%), Havells India (down 2.01%), Blue Star (down 1.87%), Bata India (down 1.41%), Voltas (down 1.38%), and Crompton Greaves Consumer Electricals (down 1.06%) tanked.

Stocks in Spotlight:

Tata Consumer Products surged 7.96% after the company reported a 21.53% jump in consolidated net profit to Rs 419.08 crore on a 17.91% increase in revenue from operations to Rs 5,433.62 crore in Q4 March 2026 over Q4 March 2025.

Multi Commodity Exchange of India (MCX) added 2.94% after it reported a 291% year-on-year (YoY) surge in consolidated net profit to Rs 530 crore in Q4 FY26, compared with Rs 135 crore in Q4 FY25. Revenue from operations jumped 205% YoY to Rs 889 crore for the quarter ended 31 March 2026.

Canara Bank declined 3.72% after its standalone net profit declined 9.93% to Rs 5,002.66 crore on a 1.84% decrease in total income to Rs 36,662.21 crore in Q4 FY26 over Q4 FY25.

Utkarsh Small Finance Bank tanked 7.93% after it reported a standalone net loss of Rs 188.01 crore in Q4 FY26, compared with a net profit of Rs 2.96 crore posted in Q4 FY25. Total income tanked 18.39% YoY to Rs 952.07 crore in the quarter ended 31 March 2026.

Blue Dart Express dropped 7.40% after the company's consolidated net profit fell 11.42% to Rs 48.85 crore in Q4 FY26 as against Rs 55.15 crore in Q4 FY25. However, revenue from operations rose 8.19% YoY to Rs 1,533.47 crore in the quarter ended 31 March 2026.

Aarti Surfactants dropped 11.44% after the company's consolidated net profit tumbled 56.89% to Rs 4.19 crore in Q4 FY26 from Rs 9.72 crore in Q4 FY25. Revenue from operations jumped 26.83% YoY to Rs 256.28 crore in the quarter ended 31 March 2026.

Grindwell Norton surged 5.80% after the company's consolidated profit after tax stood at Rs 118.74 crore in Q4 FY26, up 28.31% from Rs 92.54 crore in Q4 FY25 and rose 24.77% from Rs 95.17 crore in Q3 FY26. Revenue from operations increased 18.82% YoY to Rs 838.77 crore in Q4 FY26 from Rs 705.90 crore in the corresponding quarter last year. Revenue rose 11.86% sequentially from Rs 749.83 crore in Q3 FY26.

Balkrishna Industries declined 2.97% after the company's standalone net profit fell 18.5% to Rs 295.09 crore despite a 7.08% increase in revenue from operations to Rs 2,941.15 crore in Q4 FY26 over Q4 FY25.

Northern Arc Capital jumped 8.20% after the company's consolidated net profit surged 250.9% to Rs 132.50 crore on a 23.09% increase in revenue from operations to Rs 741.65 crore in Q4 FY26 over Q4 FY25.

Bank of India added 2.97% after the bank reported a 14.85% increase in standalone net profit to Rs 3,015.79 crore on a 4.3% increase in total income to Rs 22,685.38 crore in Q4 FY26 over Q4 FY25.

Windsor Machines fell 4.76%. The company reported a consolidated net profit of Rs 7.24 crore in Q4 FY26 as against a net loss of Rs 4.14 crore recorded in Q4 FY25. Net sales for the period under review were Rs 184.64 crore, up 52.8% YoY.

GHV Infra Projects rose 0.25%. The company said that it has secured an engineering, procurement and construction (EPC) contract worth '630 million (around Rs 7,000 crore) from Cameroon Tyres Factory Project SA.

Global Markets:

European stocks traded mixed on Monday as investors digest the latest impasse in peace negotiations between the U.S. and Iran.

Asian markets ended mixed as rising oil prices and escalating tensions between the U.S. and Iran weighed on investor sentiment.

China's annual inflation rose to 1.2% in April 2026 from 1% in March, surpassing market estimates of 0.8%, driven by higher transport, healthcare, and education costs amid elevated energy prices and Middle East-led supply chain disruptions. Food prices declined 1.6%, weighed by weak pork, vegetable, and fruit prices. On a monthly basis, CPI rose 0.3% in April, reversing a 0.7% decline in March.

President Donald Trump's rejection of Tehran's latest proposal to end the war, however, stoked worries over an elongated Middle East conflict.

Iran submitted a new proposal to U.S. negotiators focused on ending the Middle East conflict. Iran's semi-official media agency said that the counteroffer called for an end to the war on all fronts and the lifting of sanctions on Tehran, citing an informed source.

However, Trump said he did not like Iran's response and called it 'TOTALLY UNACCEPTABLE!' in a social media post.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu reportedly said on Sunday that the war with Iran was 'not over,' as the U.S. and Israel still aim to curb Tehran's nuclear ambitions.

Netanyahu's comments come ahead of Trump's trip to China later this week, where he's expected to meet with Chinese President Xi Jinping. The war and the subsequent closure of the Strait of Hormuz by Iran have spiked global energy costs and sharply raised gas prices in the U.S.

Last week, U.S. equities rose on Friday following a better-than-expected April's jobs report and as traders eyed developments between the U.S. and Iran.

The S&P 500 advanced 0.84% to end at 7,398.93, while the Nasdaq Composite climbed 1.71% to 26,247.08. Both indexes hit new all-time intraday highs in the session and closed at records. The Dow Jones Industrial Average inched up 12.19 points, or 0.02%, to settle at 49,609.16.

Sentiment was bolstered by the Bureau of Labor Statistics reporting that nonfarm payrolls rose by 115,000 last month, more than the 55,000 that media reports had suggested. The U.S. jobless rate also held steady at 4.3%, in line with widely reported numbers.

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