Jewellery stocks fell after the opening bell on Monday, May 11 following Prime Minister Narendra Modi’s appeal to Indians on avoiding gold purchases due to the tensions in Middle East.

Shares of major jewellery makers were in red today, with Senco dropping 10.7% trading at Rs 326.1, while Titan was 6.32% lower at Rs 4,223.9 apiece. Kalyan Jeweller tumbled 8.37% at Rs 389 per share and P N Gadgil dipped 7.25% to Rs 675.1 apiece.

The  latest fall comes after PM Modi on Sunday, May 10 requested Indians to avoid non-essential gold purchases for one year in order to reduce pressure on foreign exchange outflows. “We have to save foreign exchange by any means,” he said at an event in Hyderabad.

In addition to jewellery stocks, MCX gold rate dropped on Monday, May 11, with the yellow metal fell 0.32% to Rs 1,51, 973 per 10 grams at 10:05 am, while MCX silver price remained flat at Rs 2,62,000.

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A viral social media post by entrepreneur Aman Goel has ignited widespread discussion online after he revealed why he left a high-paying career in Silicon Valley to return to India and build startups.

Goel, the co-founder of GreyLabs AI, took to X to reflect on his decision to walk away from a lucrative career nearly a decade ago to return to his roots.

In 2016, at just 20 years old, the IIT Bombay student landed what many would consider a “dream” software engineering internship at Rubrik in Palo Alto. Earning a monthly stipend of $8,000, Goel said he was in a high-calibre engineering culture, gaining deep technical insights into databases and scalable backend systems during the company’s early years.

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However, despite the prestige and substantial financial rewards in the Bay Area, Goel revealed that the experience provided him with something far more significant—professional clarity.

“I realised I did not want to build my life in the Bay Area. I wanted to go back to India and build something of my own,” Goel wrote in his post.

Ten years ago, I landed in San Francisco as a 20-year-old kid from IIT Bombay, headed to Palo Alto to intern at @rubrikInc‘s Software Engineering Team.

I was earning $8,000 a month. It felt like a dream.

My mentor was an @CSE_IITBombay senior, who made me fall in love with… pic.twitter.com/EjphbHWNs9

— Aman Goel (@amangoeliitb) May 9, 2026

Upon returning to India in July 2016, Goel transformed his final year at IIT Bombay into an intensive study of entrepreneurship, focusing on sales, marketing, and product strategy. This “obsession” paved the way for his first major success, Cogno AI, which he scaled to over $1 million in revenue before a successful acquisition.

His latest venture, GreyLabs AI, further validates that decision. The company has reportedly raised nearly Rs 100 crore from prominent investors like z47 and Elevation Capital, currently employing over 85 people and serving 75+ clients in the BFSI sector.

Invoking Bill Gates’ famous saying about underestimating what can be achieved in a decade, Goel advised young professionals to prioritise long-term passion over immediate gains.

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Shares of India’s state-run oil marketing companies (OMCs) Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, tumbled in early trade on Monday, May 11, amid a surge in global crude oil prices on the ongoing geopolitical tensions between US and Iran. This comes despite OMC stocks were expected to trade positive by D-Street analysts after Prime Minister Narendra Modi on Sunday called for Indians to conserve fuel, avoid unnecessary foreign travel and even postpone non-essential gold purchases amid the rising commodity prices over the Middle-East geopolitical risk.

Shares of IOCL, BPCL, and HPCL opened nearly 2% lower each and extended losses to trade in red amid a broader bearish sentiment across the domestic frontline indices. On the NSE, shares of BPCL las traded 2.58% lower at Rs 294.95, IOC traded 2.70% lower at Rs 140.79, and HPCL shares were last down 2.33% lower at Rs 377.90 apiece on the NSE. At the opening bell, Nifty fell as much as 1.15% to 23,897, while the Sensex dropped 1.22%, or about 944 points, to 76,384.65.

The Indian rupee opened weaker against the US dollar and fell as much as 43 paise to 94.91 in early trade. The declines came after the US President Donald Trump rejected Iran’s response to a US peace proposal, raising concerns over prolonged conflict in the Persian Gulf. Domestically, markets reacted to remarks by Prime Minister Narendra Modi urging fuel conservation and restraint on gold purchases amid pressure from rising energy prices, adding to concerns around India’s external balances.
 

PM Modi’s appeal to Indians amid crude price surge

Speaking at an event in Telangana yesterday, PM Modi urged citizens to use imported petroleum products ‘only as per need’ in light of the ongoing Middle East crisis. He also revived several Covid-era practices, including work-from-home arrangements, online meetings and virtual conferences, arguing that reducing fuel consumption would help conserve foreign exchange reserves and cushion the economy from the impact of higher crude prices.

Brokerages indicated that stocks such as Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. could benefit if demand moderation reduces inventory and pricing pressures. For oil marketing companies, the message was quite positive. Lower fuel consumption may ease the burden of under-recoveries if retail prices remain unchanged while global crude stays elevated. However, the fuel confidence failed to impress investors amid the larger global price shock.

Why are OMC stocks in red?

Global crude oil prices rallied on Monday, a day after US President Donald Trump said Iran’s response to a US proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude futures climbed $4.16 or 4.11% to $105.45 a barrel. US West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59%. Last week, both contracts recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz.

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