Nifty Consumer Durables falls 4% amid sell-off; Titan top drag: Here's why

Shares of consumer durables companies witnessed a sharp sell-off on Monday, May 11, amid an overall subdued market. 

 

The Nifty Consumer Durables index fell over 1,581 points or 4.2 per cent to hit a low of 35,733 levels. Around 11:30 AM, the index was trading at 36,184 levels, down by 1,130 points or 3 per cent compared to previous session's close of ₹37,314. In comparison, the NSE Nifty50 was quoting at 23,920.70, down by 255.45 points or 1.06 per cent. 

 

Among the constituents, Kalyan Jewellers was the top laggard, down 8 per cent, followed by Titan Company falling 6.5 per cent. Whirlpool India, PG Electroplast, Amber Electronics, Crompton Greaves Consumer Electricals, and LG Electronics India also fell up to 4 per cent each. 

 

 

Shares of jewellery companies like Titan and Kalyan Jewellers were dragging the overall index down after Prime Minister Narendra Modi's speech at a public event in Hyderabad over the weekend. PM Modi urged citizens to avoid buying gold for non-essential purposes for the next one year. 

 

The appeal came alongside calls to reduce fuel consumption, increase the use of public transport and electric vehicles, revive work-from-home practices, postpone foreign travel, and promote domestic products. 

Gaurav Sharma, head of research, equity, Globe Capital Market, said that PM Modi commented on gold, but he did not say that you should not buy gold. He emphasised on limiting the foreign outflow of the foreign currency, so that the dollar reserve are maintained and dollar does not go out from our country.

 

"His comment is being termed a negative for the Indian jewellery industry. Titan and Kalyan, Thangamayil Jewellery have already witnessed 5 to 8 per cent fall after that news. But again, that is a question mark, because he has never said that do not buy gold," he said.

 

The stocks also reacted to the March 2026 quarter (Q4FY26) results of Titan and Kalyan Jewellers. 

 

Titan Company's net profit in the reported quarter grew 35.4 per cent Y-o-Y to ₹1,179 crore, and revenue from operations grew 77.6 per cent Y-o-Y to ₹23,934 crore. The company’s jewellery portfolio grew 50 per cent Y-o-Y to around ₹18,195 crore during the March quarter, excluding bullion and digi-gold sales, despite elevated gold prices.

 

Kalyan Jewellers India’s net profit jumped 118.2 per cent Y-o-Y to ₹409.5 crore from ₹187.6 crore in the corresponding period last year. Revenue from operations in Q4FY26 increased 66.2 per cent to ₹10,274.9 crore from ₹6,181.5 crore.  CHECK Q4 Results Today

Consumer Durable sector outlook

Sunny Agrawal, head of fundamental research at SBI Securities, said while there is a minor concern for the sector that buoyancy in copper prices might impact margins, the companies are able to pass on those price hikes. 

 

"Management commentary across the board remains very gung-ho, and demand continues to be robust. Given the intense heat we are feeling right now, May is shaping up to be a peak month for the air conditioning and refrigerator markets. Last year, early monsoons around May 8 led to significant demand destruction, but if the rains stay away for the next 15-20 days, this will be a very robust quarter on a year-on-year basis," he said.