On Thursday, Indian equity markets experienced a significant decline as Brent crude oil prices surged past $100 per barrel for the first time since April 2023. The BSE Sensex closed at 77,664, down 853 points or 1.1%, while the Nifty settled at 24,173, lower by 205 points or 0.84%. The total market capitalization of BSE-listed firms fell by ₹3 trillion (approximately $4.96 trillion). This decline is attributed to escalating tensions between the US and Iran, particularly concerning the Strait of Hormuz, which is critical for global oil flows. The US has extended a ceasefire, but Iran refuses to resume negotiations under current US naval restrictions, contributing to market uncertainty. Analysts noted that the risk-off sentiment was compounded by weak global cues, persistent foreign outflows, a depreciating Indian rupee, and rising US Treasury yields. With crude oil prices above $100, analysts suggest that the Nifty has entered a crucial support zone, indicating the need for careful stock selection in the current environment.