Stock Market Reacts to PM Modi’s Appeal: Gold and Airline Stocks Fall, EV Shares Gain

The Indian stock market witnessed heavy selling pressure on Monday, with benchmark indices closing sharply lower amid sector-specific reactions to Prime Minister Narendra Modi’s recent public appeal regarding fuel conservation and discretionary spending.

The Sensex plunged more than 1,300 points to close at 76,015.28, while the NIFTY 50 declined 1.50% to settle at 23,815.85. Most stocks in the Nifty 50 ended in the red, with major losses seen in jewellery, airline, and travel-related counters.

Jewellery Stocks Under Pressure

Jewellery companies saw sharp declines after the Prime Minister advised citizens to avoid unnecessary gold purchases for the next year amid concerns linked to the ongoing Middle East crisis.

Shares of Titan Company dropped nearly 7%, making it one of the biggest losers on the Nifty index. Other jewellery stocks also witnessed heavy selling, with Kalyan Jewellers and Senco Gold falling around 9%, while PC Jeweller declined nearly 5%.

EV and Green Mobility Stocks Gain

In contrast, electric vehicle and green mobility companies rallied after Modi encouraged citizens to reduce petrol and diesel consumption, use public transport, adopt carpooling, and switch to electric vehicles wherever possible.

Shares of Ather Energy surged over 6%, emerging among the top gainers of the session. JBM Auto, Ola Electric Mobility, and Olectra Greentech also recorded notable gains as investors shifted focus toward clean mobility stocks.

Airline and Travel Stocks Decline

Airline and travel-related companies also came under pressure as investors reacted to the possibility of reduced travel and fuel-saving measures.

Shares of InterGlobe Aviation, which operates IndiGo, fell more than 4%, while SpiceJet also declined sharply during the session. Travel companies including Thomas Cook, Yatra Online, and Easy Trip Planners dropped up to 7%.

Market experts said investors are closely monitoring geopolitical developments and government advisories, which are currently influencing sector-specific sentiment across Indian equities.