The Indian equity market faced a tumultuous session, witnessing a 1.4% plunge in the NSE Nifty50 and BSE Sensex. The decline is attributed to escalating tensions in the Middle East, specifically the Israel-Hamas conflict, and the persistent rise in US Treasury yields, holding around 5%. Widespread selling across sectors, including auto, metal, and banking, resulted in a significant correction of about 5% over the past six sessions. The risk-off sentiment is further fueled by mixed Q2 results, continued foreign institutional investors (FIIs) selling, surging oil prices, and the USD/INR reaching a near-record high above 83.