On May 12, 2023, the Indian stock market continued its decline for the fourth consecutive session, with the BSE Sensex falling by 890 points to a low of 75,121.66 and the NSE Nifty 50 dropping below 23,600. The Sensex was down 853.17 points or 1.12%, while Nifty slipped 208.20 points or 0.87%. The decline was primarily driven by significant losses in the IT sector, which saw the Nifty IT index plummet nearly 4% due to heavy selling pressure on major companies like TCS, Infosys, and Wipro. Elevated crude oil prices, currently around $105 per barrel, further exacerbated market fears amid ongoing geopolitical tensions between the US and Iran. Investors lost approximately ₹3.6 trillion in market capitalization, with total market value dropping to ₹462.98 trillion. Analysts suggest that the market's negative sentiment is compounded by potential austerity measures hinted at by the Indian Prime Minister, aimed at conserving foreign exchange reserves amid rising tensions in West Asia. This could impact GDP growth and widen the current account deficit, adding to the uncertainty in the market.