Stock market recap, May 12 -- Indian equity markets witnessed heavy selling pressure on Monday, 11 May, with the Nifty 50 falling 1.49% to close at 23,815.85, while the Sensex tumbled more than 1,300 points. Risk aversion intensified after the breakdown of US-Iran peace talks pushed Brent crude above $105 a barrel and dragged the rupee to a record closing low of 95.31 against the dollar.

Investor sentiment was further weighed down by government calls for austerity, including restraint in fuel and gold consumption, stoking concerns over a potential slowdown in discretionary spending.

Sectoral performance was broadly negative. Consumer durables emerged as the worst-performing segment, declining 3.73%, while PSU banks and media stocks also...