The Indian equity benchmarks faced considerable losses in afternoon trading, with the Nifty 50 index dropping 121.50 points to 24,257.75 and the S&P BSE Sensex declining 573.90 points to 77,954.33. This downturn was primarily driven by a surge in crude oil prices, which surpassed $100 per barrel, raising concerns about inflation and economic growth. Investors are closely monitoring upcoming Q4 earnings for further insights. Notably, the HSBC Flash India PMI Composite Output Index rose to 58.3 in April, indicating strong business activity, yet the foreign brokerage downgraded Indian equities to underweight amid rising oil prices and geopolitical tensions. Despite the negative market breadth, some stocks like Dr. Reddy's Laboratories and Jio Financial Services saw gains, while others like SBI Life Insurance Company and Mahindra & Mahindra faced losses. Global markets also reacted negatively to ongoing tensions in the Strait of Hormuz, further influencing investor sentiment.