The Indian equity markets experienced substantial losses in mid-morning trading on concerns surrounding escalating tensions between the US and Iran near the Strait of Hormuz. The Nifty 50 index fell below the 24,200 mark, declining 138.05 points or 0.56%, while the S&P BSE Sensex dropped 475.88 points or 0.61% to reach 77,368.64. Investor confidence was further weakened by persistent foreign fund outflows and elevated crude oil prices, overshadowing any optimism for a medium-term recovery in domestic equities. The Nifty Oil & Gas index fell 0.75%, reflecting ongoing losses in oil and gas stocks, with major players like Gujarat State Petronet and Hindustan Petroleum Corporation showing declines. In contrast, some companies reported positive earnings; for instance, Britannia Industries saw a 21.14% increase in net profit, yet its stock fell 4.34%. Overall, the market breadth remained strong, with 2,029 shares rising against 1,853 that fell on the BSE. Global markets were also affected, as Asian markets traded lower amid fears of renewed hostilities between the US and Iran, contributing to a cautious trading environment.