Indian equity markets continued their downward trajectory on Tuesday, with the benchmark Nifty 50 index dropping 1.83% to close at 23,380 and the Sensex declining 1.92% to end at 74,559. This marks the lowest levels for both indices since early April, resulting in a staggering loss of nearly ₹11.3 trillion in investor wealth. The decline is largely attributed to escalating crude oil prices, which reached around $107 per barrel, raising inflation concerns for India, a country that imports over 90% of its crude oil. The market sentiment was further dampened by geopolitical tensions between the US and Iran, particularly after US President Donald Trump's remarks on Iran's rejection of peace talks. Analysts noted that the ongoing selloff reflects a broader erosion of investor confidence, driven by fears of a tougher macroeconomic environment, rising imported inflation, and a weakening rupee nearing 95 per dollar. Despite the overall market slump, some upstream oil producers like Oil and Natural Gas Corporation and Oil India saw their shares rise, indicating sector-specific resilience amid the broader market challenges.