On April 29, Indian stock markets faced a significant downturn, with the BSE Sensex declining 852 points (1.19%) to 76,641.32 and the NSE Nifty dropping 275 points (1.14%) to 23,903.12. The sell-off was broad-based, impacting all key sectoral indices except for IT, which remained stable. The decline was attributed to several factors: Brent crude oil prices surged to $124.15 per barrel due to geopolitical tensions stemming from US-Iran negotiations, raising concerns over prolonged disruptions in oil supply. Additionally, profit booking was observed after a rally linked to anticipated gains for the BJP in upcoming elections. The India VIX, a measure of market volatility, rose over 4% to 18.23, indicating increased investor uncertainty. The Indian rupee also depreciated to an all-time low of 95.20 against the US dollar due to rising oil prices and foreign institutional investors offloading equities worth ₹2,468.42 crore. Market analysts suggest that the trajectory of the market will depend on oil price stability and geopolitical developments in the Middle East.