Indian Stock Market Faces Major Selloff on May 12: Key Gainers and Losers
Top Gainers & Losers on May 12: Kalyan Jewellers, Adani Power, Anant Raj, Tata Motors, BEML, UPL among top losers
Mint
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On May 12, the Indian stock market experienced significant declines, with the Nifty 50 dropping 1.83% to 23,379 and the S&P BSE Sensex falling 2% to 74,559. Key sectors, including technology and real estate, were heavily impacted amid rising crude oil prices and concerns over the Iran conflict.
- 01Nifty 50 index fell 1.83%, marking a significant intraday decline.
- 02S&P BSE Sensex dropped 2%, reflecting broader market weakness.
- 03Technology stocks faced major losses following OpenAI's announcement of a new AI-focused venture.
- 04Kalyan Jewellers saw a 6% decline, while UPL fell 6.4% amid fertilizer consumption concerns.
- 05Broader market indices, including Nifty Smallcap 100, dropped 3.12%.
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The Indian stock market faced a severe selloff on May 12, with the Nifty 50 index plunging 1.83% to close at 23,379, while the S&P BSE Sensex fell 2% to 74,559. This decline marks the worst intraday drop in two months, driven by fears of a prolonged oil shock and fragile negotiations to resolve the Iran conflict. The broader market indices suffered even more, with the Nifty Smallcap 100 crashing 3.12% and the Nifty Midcap 100 declining 2.51%. Major sectoral indices were all in the red, led by Nifty Realty, which fell 4%, and technology stocks, which saw significant losses after OpenAI announced a new AI venture. Notable losers included Kalyan Jewellers, which dropped 6% to ₹361.80 per share, and UPL, which fell 6.4% to ₹626 amid calls from Prime Minister Narendra Modi for reduced fertilizer consumption. This market turmoil reflects growing concerns about the impact of rising crude oil prices, now above $115 per barrel, and potential austerity measures being considered by the Indian government.
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The steep decline in stock prices may affect investor confidence and could lead to increased caution among consumers and businesses alike, particularly in sectors reliant on stable market conditions.
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