Indian equities fell over 1% on May 11, 2026, with Nifty down 1.2% and Sensex down 1.4% amid Middle East tensions and PM Modi’s fuel‑saving warning.
Modi urged reductions in petrol, diesel, edible oil, fertilizer imports and discretionary spending, while the government is expected to sharply raise fuel prices.
ANZ reported $5.2 billion capital outflows from Indian stocks in April, contributing to a near‑9% YTD decline in the Nifty.
Oil import dependence at 87.8% (2023‑24) and rising global crude prices heighten inflation risks and potential supply disruptions via the Strait of Hormuz.