In early afternoon trading, the S&P BSE Sensex experienced a significant drop of 1,018.02 points (1.10%), settling at 76,645.98. The Nifty 50 index also fell by 290.15 points (1.20%) to 23,881.65. Investor sentiment was dampened by stalled negotiations between the US and Iran, uncertainty surrounding the Strait of Hormuz, and a sharp rise in crude oil prices, which surpassed $105 per barrel. As a result, the broader market underperformed, with the BSE 150 MidCap Index slipping 1.28% and the BSE 250 SmallCap Index dropping 1.33%. The Nifty Pharma index fell 1.56%, with major companies like Gland Pharma and Sun Pharmaceutical Industries seeing declines of 3.58% and 3.53%, respectively. The market breadth reflected a weak sentiment, with 1,088 shares advancing and 2,904 shares declining. The NSE's India VIX, a measure of expected market volatility, increased by 3.18% to 19.18, indicating heightened uncertainty among investors.