Indian stock markets extended their losses for the third consecutive session as the Sensex dropped 180 points to close at 77,484 and the Nifty 50 fell over 72 points to 24,100. The decline is primarily attributed to escalating tensions between Iran and the US, which have heightened concerns over oil supply disruptions, resulting in a surge in oil prices. Brent crude futures are now trading near $106 per barrel. Broader market indices, such as Nifty Midcap 100 and Nifty Smallcap 210, outperformed with gains of up to 0.5%. The volatility index, India VIX, increased by 0.34% to 18.66. Investor sentiment has been affected by foreign institutional investors turning net sellers, offloading shares worth ₹3,255 crore. The rupee also slid to 94.25 against the US dollar, reflecting the ongoing uncertainty in the market. Analysts suggest that clarity on the Iran-US conflict will be crucial for determining future market directions.