Travel and tourism-related stocks traded in the red on Monday after Prime Minister Narendra Modi urged citizens to reduce discretionary spending on foreign travel and fuel consumption amid concerns over the impact of the West Asia war on India’s foreign exchange outflows.

Among the measures suggested, Modi asked people to reduce petrol and diesel usage by relying more on metros and public transport, avoid unnecessary foreign travel, overseas vacations and destination weddings, and defer non-essential gold purchases for one year.

InterGlobe Aviation, the parent company of IndiGo, declined more than 5 per cent to ₹4,287.10 from the previous close of ₹4,522.70 amid concerns that any moderation in leisure and international travel demand could impact passenger traffic growth.

Hotel and hospitality stocks also witnessed selling pressure. Mahindra Holidays & Resorts India fell over 3 per cent to ₹232.10, while ITC Hotels declined to ₹159.54.

Indian Hotels Company slipped 2.5 per cent to ₹755.90, while Motel Hotels was down 2.7 per cent at ₹767.85.

Leela Palaces, which operates Leela Palaces hotels, declined more than 3 per cent to ₹410.30.

Online ticket booking platforms stocks also came under pressure, with Le Travenues Technology falling 3 per cent to ₹163.76 and Yatra Online dropping 6.5 per cent to ₹101.05.

Published on May 11, 2026

Jewelery stocks witnessed sharp selling pressure on Monday after Prime Minister Narendra Modi urged citizens to postpone non-essential gold purchases as part of measures aimed at conserving foreign exchange amid the ongoing crisis, triggering concerns over near-term demand for the sector.

Titan Company shares tumbled as much as 8 per cent to ₹4,150.10 in early trade before recovering slightly to trade at ₹4,167.90 around 10.26 am. The stock came under pressure despite the company reporting strong Q4 earnings last week.

Kalyan Jewelers India shares tanked nearly 10 per cent to ₹382.10 from the previous close of ₹424.55. The company had also announced its March quarter results last week.

Senco Gold shares plunged around 11 per cent to ₹325.05 on the NSE from the previous close of ₹365.40. Thangamayil Jewelery fell nearly 10 per cent to ₹3,832.10 against the previous close of ₹4,246.70.

Sky Gold and Diamonds shares tumbled more than 12 per cent to ₹475 during the session. Shares of PN Gadgil Jewelers and Bluestone Jewelery also declined up to 9 per cent amid broad-based weakness across the jewelery segment.

The sharp correction in jewelery stocks reflects investor concerns that any prolonged slowdown in discretionary gold purchases could impact demand momentum, particularly at a time when gold prices remain elevated and consumer buying patterns are already showing signs of moderation.

Published on May 11, 2026

India’s overnight index ⁠swap rates jumped as rising oil and escalating war risks added ⁠to inflation worries and raised rate-hike bets. | Photo Credit: istock.com

Government bonds stumbled early on Monday, tracking US Treasuries, as traders trimmed positions on concerns over broader economic risks after recent US-Iran peace talks faltered and pushed up oil prices.

The benchmark 6.48% 2035 bond yield ⁠was up 6.2 basis points at 7.0437% at 10:15 am, compared with Friday’s close. The yield on the new 10-year 6.94% ‌2036 bond was up 5.2 bps at 6.9920%.

President Donald Trump’s swift rejection of Iran’s counter to a US peace proposal lifted oil on Monday, raising ⁠concerns that the 10-week-old conflict will drag on ⁠and keep shipping through the Strait of Hormuz paralyzed.

Brent crude futures rose 3.21% to $104.54 a barrel in Asian trading and have stayed above $100 for the last three weeks.

India’s heavy crude import dependence — about a fourth of its total import bill — could stoke inflation, hurt growth and widen the current-account deficit.

India’s state-dominated refining sector has so far kept fuel prices steady despite surging crude costs, losing about 100 Indian rupees ($1.05) a liter on diesel and 20 rupees on gasoline.

“If oil sustains at ⁠these levels, it is likely that the government will have to allow oil companies to raise prices,” a trader at an ‌asset manager said.

Traders have also grown cautious after Prime Minister Narendra Modi said people should return to work from home and online meetings, saying it would help India use less fuel.

Separately, the market awaits April inflation print due Tuesday, which likely moved closer to the central bank’s 4% target from 3.40% in March, a Reuters poll of economists showed.

Economists said a hike in LPG prices likely percolated into April’s consumer prices.

RATE

India’s overnight index ⁠swap rates jumped as rising oil and escalating war risks added ⁠to inflation worries and raised rate-hike bets.

The one-year swap rate was up 8 bps at 5.9750%, while the two-year swap rate rose 10 bps to 6.23%. The most liquid five-year OIS rate was at 6.6475%, higher by 9 bps.

Published on May 11, 2026