PM Modi’s Gold Remarks Drags Nifty Consumer Durables Despite Strong Earnings – Paper by Pocketful

May 11, 2026

Swiggy (-5.99%): Stock declined after Q4FY26 results; consolidated loss narrowed to ₹800 crore from ₹1,081 crore YoY, while revenue jumped 44.7% YoY to ₹6,383 crore driven by strong growth in food delivery, quick commerce, and supply chain businesses.
Bank of Baroda (+0.80%): Stock advanced after strong Q4FY26 results; standalone profit rose 11.3% YoY to ₹5,615.7 crore, while net interest income increased 8.7% YoY to ₹12,493.7 crore. Asset quality improved with gross NPA falling to 1.89% and net NPA declining to 0.45%.
ABB India (-8.91%): Stock fell sharply after Q1 CY2026 results showed weak core earnings and margin pressure. Continuing operations profit declined 25.2% YoY, while EBIT margin contracted to 12.9%, raising concerns over rising costs, weak execution, and slower margin recovery despite headline profit surge from a one-time gain.
Bank of India (+2.93%): Stock gained after strong Q4FY26 results; standalone profit jumped 14.8% YoY to ₹3,015.8 crore, while net interest income rose 11% YoY to ₹6,730.2 crore. Asset quality improved with gross NPA declining to 1.98% and net NPA easing to 0.56%.

Healthcare | Nifty Healthcare (+0.45%): Index traded in the green with 14 gainers and 6 losers, supported by selective buying across healthcare stocks despite overall range-bound market movement.
Pharma | Nifty Pharma (+0.25%): Index traded largely unchanged in the green, supported by gains in Sun Pharma, Laurus Labs, and Torrent Pharma, while the sector continued to hover near all-time high levels.
Consumer Durables | Nifty Consumer Durables (-3.73%): Index declined sharply led by heavy selling in Titan, Kalyan Jewellers, and other jewellery stocks after PM Modi’s remarks on limiting non-essential gold purchases impacted sector sentiment despite strong quarterly earnings.
Realty | Nifty Realty (-3.05%): Index declined sharply amid broad-based selling pressure as weak market sentiment, profit booking, and concerns over elevated valuations in real estate stocks weighed on the sector.

Technical Level: Nifty opened with a huge gap-down, dragging the market lower and facing resistance near 24,000. Selling pressure intensified in the second half, leading to a continuous decline as the index closed near the day’s low with support placed around 23,800.
Advance-Decline Ratio: Market breadth remained negative with 961 advances against 2364 declines, indicating strong selling pressure across broader markets.
The Big Picture: U.K. Prime Minister Keir Starmer is facing mounting pressure after Labour’s poor local election performance. Amid rising gilt yields and internal leadership concerns, Starmer defended his leadership, pledging urgent action on economic growth, defense, energy, and rebuilding ties with Europe.
FII/DII Activity (May 11, 2026): DIIs remained net buyers with ₹5,940 crore inflows, while FIIs sold equities worth ₹8,437 crore.

IPO Corner: Simca Advertising SME IPO is Closing tomorrow, last day to invest.
Macro: USA Inflation Rate MoM (Apr) & Core Inflation Rate YoY (Apr) data due tomorrow for economic and rate-cut signals.
Index Watch: Nifty opened under negative pressure following PM Modi’s remarks encouraging citizens to reduce gold purchases, adopt work-from-home practices, and limit petrol consumption. The statement triggered weakness across Consumer Durables, Banking, and Auto segments, while EV-related stocks also witnessed selling pressure. The market is currently trading near a crucial support zone, and any sharp downside move could increase fear among investors. Immediate support is placed at 23,550, while resistance is seen around 24,200. Traders are advised to remain cautious as volatility may remain elevated in the near term.

Volatility - A market condition where stock prices move sharply up or down within a short period due to uncertainty or heavy trading activity.

👀 Stay tuned. Stay diversified.

Until next time,

Team Pocketful.

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