In mid-morning trading, the S&P BSE Sensex experienced a notable decline of 632.13 points (0.83%), settling at 76,930.77. The Nifty 50 index also fell, losing 154.75 points (0.65%) to reach 23,842.95. This downturn was largely attributed to waning hopes for a sustained ceasefire between the U.S. and Iran, which has caused uncertainty among investors. The Nifty IT index faced a correction, dropping 0.84% after gaining 8.61% over the previous five sessions. Despite the overall market decline, the broader market saw some positive movement; the BSE 150 MidCap Index rose by 0.10% and the BSE 250 SmallCap Index increased by 0.57%. The market breadth remained favorable with 2,379 shares advancing against 1,572 shares declining. Meanwhile, the initial public offering (IPO) of Om Power Transmission received bids for 11,64,415 shares, representing a subscription of 0.19 times against 60,02,730 shares available. Global markets also reflected caution, with Asian indices trading lower amid rising geopolitical tensions following accusations from Iran regarding the U.S.'s adherence to ceasefire terms.