The domestic equity markets experienced significant declines, with the Nifty 50 index trading below 23,950, down 250.90 points or 1.04%. The S&P BSE Sensex also fell by 902.72 points or 1.17%, reflecting a broader market downturn. This decline comes amid rising tensions following U.S. President Donald Trump's rejection of Iran's response to a peace proposal, raising fears of prolonged conflict in the Persian Gulf. Domestically, Prime Minister Narendra Modi's call for austerity measures, including reduced fuel consumption and limiting non-essential imports, has further dampened investor sentiment. The Nifty Media index, which had seen gains in the previous four sessions, fell 1.82%. Key stocks like PVR Inox and Zee Entertainment saw declines of 3.63% and 3.41%, respectively. In the currency market, the rupee weakened against the dollar, trading at 95.22, while Brent crude prices fell by 2.47% to $103.79 per barrel.