The Indian stock market faced a sharp decline on Monday, with the Sensex plummeting over 1,000 points to close at 76,323 and the Nifty 50 falling 303 points to 23,873. This downturn wiped out nearly ₹6 lakh crore in total market capitalization, bringing it down to ₹467 lakh crore. The decline was driven by a surge in oil prices, which rose to $105.5 per barrel due to escalating geopolitical tensions following US President Donald Trump's rejection of Iran's peace proposal. This rejection has dimmed hopes for a resolution in the ongoing conflict in the Middle East, which has already disrupted oil supplies. Additionally, Prime Minister Narendra Modi's call for energy conservation to mitigate the impact of rising oil prices has negatively affected sectors related to fuel consumption, including travel and jewelry. The Indian rupee also weakened by 0.4%, opening at 94.88 against the US dollar. Foreign Institutional Investors continued to sell off Indian equities, with net sales totaling ₹4,111 crore last week, contributing to the bearish sentiment in the market. Overall, the market's decline reflects a combination of external geopolitical pressures and domestic economic concerns.