On May 11, the Indian stock market faced a sharp decline, with the Nifty index falling by 1.51% to close at 23,811 and the Sensex dropping 1.73% to 76,072. This marked the largest single-day drop for both indices since April 24. The selloff was primarily influenced by a rebound in crude oil prices, which rose to $105 per barrel after U.S. President Donald Trump rejected Iran's peace proposal. The ongoing tensions in the Strait of Hormuz have kept energy prices elevated, raising inflation concerns. Additionally, sectors such as real estate, consumer durables, jewellery, and travel stocks experienced significant selling pressure following Prime Minister Narendra Modi's appeals for reduced consumption and travel. The broader markets also felt the impact, with the Nifty Midcap 100 and Nifty Smallcap indices each losing nearly 1%.