On Thursday, domestic equity markets experienced a decline, with the Sensex dropping 583 points to close at 76,914 due to a surge in Brent crude prices amid escalating tensions between the US and Iran. Reports of potential new military options against Iran unsettled investors, despite a recent ceasefire that had initially improved market sentiment. The Nifty index also fell, closing down 180 points at 23,998. Brent crude futures reached a wartime high of $126 per barrel before easing to below $113. Despite Thursday's losses, both indices posted strong monthly gains, with the Sensex rising 6.9% and the Nifty gaining 7.5% in April, marking their best performance since December 2023. The ongoing conflict has disrupted oil flows through the Strait of Hormuz, raising concerns about inflation and economic growth in India. The Indian rupee weakened to a record low of 94.92 against the US dollar, prompting several brokerages to downgrade Indian equities due to rising energy costs. Market analysts suggest that without progress towards resolving the US-Iran conflict, oil prices and market conditions may deteriorate further.