Updates for markets close

By Bharath Rajeswaran

May 11 (Reuters) - Indian shares fell on Monday and the rupee declined after Prime Minister Narendra Modi urged a ‌spate of measures, including fuel conservation, fewer imports and gold purchases, as surging energy ​prices pressure foreign exchange ​reserves.

India, the world's third-biggest oil importer and consumer, ‌late ⁠last month said there was no proposal to raise pump prices for diesel and gasoline, leaving it among the countries yet to raise prices despite the ​global surge.

The Nifty 50 .NSEI fell 1.49% to 23,815.85, while the BSE Sensex .BSESN shed 1.7% to 76,015.28. The rupee INR=IN logged a record closing low of 95.31 per dollar, dropping about 0.9% on the day - its steepest single-day drop since March 27.

Brent crude LCOc1 jumped more than 2.6% to about $104 a barrel after U.S. President Donald Trump on Sunday dismissed the Iranian response to Washington's proposal for peace talks as "unacceptable." O/R

Arun Kejriwal, founder of Kejriwal Research and Investment Services, called the slide in markets in Monday's session a "knee-jerk reaction" to the prime minister's comments.

"The bigger overhang for Indian markets is oil refusing to fall and hold below $100 despite peace efforts between Iran and the U.S., which will keep weighing on sentiment," he said.

Thirteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 declined about 1.5% each.

Oil marketing companies Indian Oil IOC.NS, BPCL BPCL.NS and HPCL HPCL.NS fell about 2.3%-3%.

Index heavyweight Reliance Industries RELI.NS lost 3.3%.

Travel-linked stocks such as Indian Hotels IHTL.NS, Lemon Tree LEMO.NS, Chalet Hotels CHAL.NS, Thomas Cook THOM.NS and Yatra Online YATR.NS dropped between 1% and 4.5%.

Airline operator IndiGo INGL.NS lost 4.9%.

Shares of jewellers also slumped. Titan TITN.NS, Senco Gold SENC.NS and Kalyan Jewellers KALN.NS lost between 6.7% and 9.3%.

State Bank of India SBI.NS fell 4.5%, extending losses after missing quarterly profit view, dragging PSU banks .NIFTYPSU 2.5% lower.

Hyundai Motor India HYUN.NS rose 2.8% on a smaller-than-expected fall in quarterly profit, and agro chemicals firm UPL UPLL.NS gained 3.6% on quarterly profit rise.