New Delhi, May 11 -- Stock market benchmarks, the Sensex and the Nifty 50, suffered strong losses in intraday trade on Monday, 11 May, as a rebound in crude oil prices after the US rejected Iran's peace proposals hit market sentiment. Prime Minister Narendra Modi's call to restrain usage of petrol, gas, diesel, and such things also impacted market sentiment.

The Sensex rose by about 1,200 points, while the Nifty 50 fell below 23,850 during the session.

"The expected resolution of the West Asia crisis has again slipped away following President Trump's rejection of Iran's letter. Consequently, Brent crude has again spiked to $105, potentially aggravating the current account deficit," VK Vijayakumar, Chief Investment Strategist, Geojit Inv...