On Monday, Indian equity markets faced a significant downturn, with the benchmark Nifty 50 falling 1.5% (360 points) to close at 23,816, and the BSE Sensex dropping 1.7% (1,313 points) to end at 76,015. This decline marks the steepest single-day fall since March 30, erasing ₹6.2 trillion in investor wealth. The rupee also faced pressure, ending at a record low of 95.31 against the US dollar after a 0.9% decline. The market reaction was fueled by rising crude oil prices, which surged nearly 3% to around $104 a barrel amid escalating tensions in the Middle East. Prime Minister Narendra Modi’s call for fuel conservation and reduced imports added to concerns about the economy's resilience to prolonged energy shocks. Travel and jewellery stocks were particularly impacted, while defensive sectors like pharmaceuticals showed some resilience. Foreign portfolio investors withdrew ₹8,438 crore from domestic equities, the highest outflow since April, while domestic institutional investors injected ₹5,940 crore. Analysts suggest that India's heavy reliance on crude oil imports, with over 85% of its needs met through imports, makes it particularly vulnerable to price shocks, which could adversely affect inflation and the current account deficit.