Markets Under Pressure: Sensex Drops 1,313 Points, Nifty Ends Below 23,900 Amid Crude Oil Spike & FII Selling

Mumbai, May 11, 2026: Indian benchmark indices ended on a sharply negative note on 11th May amid rising crude oil prices following the lack of any breakthrough in the US-Iran peace talks. Weakness in the Indian Rupee along with continued selling pressure from the FII desk further weighed on overall market sentiment. At close, the Sensex declined 1,312.91 points or 1.70% to settle at 76,015.28, while the Nifty fell 360.30 points or 1.49% to close at 23,815.85.

Broad-based selling pressure was witnessed across most sectors, with major weakness seen in Nifty Consumer Durables, Realty, PSU Banks, and Oil & Gas indices, which corrected between 2% and 4%. On the other hand, selective buying interest was observed in defensive pockets such as Healthcare and Pharma, which emerged as the only gaining sectors during the session. The broader market also remained under pressure, with the Nifty Midcap 100 index declining 1.05%, while the Nifty Small cap 100 index slipped 1.13%, indicating weakness across the broader equity space.

Nifty Outlook

Index formed a sizable bearish candlestick pattern with a lower high and a lower low and a bearish gap above its head (24,127-23,997) signaling extension of the corrective decline for the third session in a row. Nifty is currently placed around the lower band of the last 3 weeks consolidation range 23,800-24,400. A breakdown below 23,800 will open further downside towards 23,550 levels in the coming sessions being the previous major low of 13th April 2026 and the 38.2% retracement of the previous pullback (22183-24601). While holding above 23,800 on a closing basis will signal extension of the recent consolidation. On the higher immediate resistance is placed at Monday’s gap down area of 24,127-23,997. Index sustaining below the same will keep the bias down.

Bank Nifty Outlook

Index formed a bearish candlestick pattern with a lower high and a lower low signaling extension of the decline for the second session in a row. PSU banking stocks underperformed for the second session in a row. Bank Nifty is currently placed around the lower band of the last 3 weeks range 54,000-56,500. A breakdown below the same will open further downside towards 52,500 levels in the coming sessions. While holding above 54,000 on a closing basis will signal extension of the recent consolidation. On the higher immediate resistance is placed at Monday’s gap down area of 55,000-55,065. Index sustaining below the same will keep the bias down.

Attributed to: Bajaj Broking

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