On May 11, the Nifty Consumer Durables index experienced a significant decline, falling 4.2% or over 1,581 points to a low of 35,733. By mid-morning, it was trading at 36,184, down 3% from the previous day's close of ₹37,314. The broader NSE Nifty50 index also fell by 1.06%. Major contributors to this decline included Titan Company, which dropped 6.5%, and Kalyan Jewellers, which fell 8%. This downturn followed Prime Minister Narendra Modi's recent remarks encouraging citizens to refrain from purchasing gold for non-essential reasons for the next year, as part of a broader initiative to reduce fuel consumption and promote domestic products. Despite the sell-off, Titan reported a 35.4% year-on-year increase in net profit to ₹1,179 crore for the March 2026 quarter, alongside a 77.6% rise in revenue. Kalyan Jewellers also posted impressive results, with a 118.2% profit increase to ₹409.5 crore. Analysts from SBI Securities remain optimistic about the sector's outlook, citing strong demand, particularly for air conditioning and refrigeration products, as the weather heats up.