MUMBAI — The BSE Sensex closed today at 76,015 — down 1,313 points, or 1.70%, in a single session that market analysts are calling a "Black Monday" with the confidence of people who name things after they happen. The NSE Nifty 50 closed at 23,815, down 360 points. The India VIX — the fear gauge — spiked over 10%. Twenty-six of thirty Sensex stocks ended in the red. Total investor wealth erased in one session: ₹5 lakh crore. That is five followed by eleven zeros. Written out: ₹5,00,000,00,00,000. This reporter needed three attempts to count the zeros correctly. The zeros do not get easier with repetition.

The cause: Donald Trump rejected Iran's latest peace proposal. Iran rejected Trump's counter-proposal. The Strait of Hormuz — through which 20% of the world's oil passes — is now under threat of blockade. Brent crude crossed $105 per barrel. India imports 85% of its crude. India's fiscal math, which was already doing its best at $90 crude, is now doing considerably worse at $105 crude. The imported inflation that economists warned about in February is now arriving in May, on time, as promised, having taken a connecting flight through the Middle East.

By Tuesday morning, losses crossed 10,000 points year-to-date. The Sensex started 2026 at 85,220. Investors who bought at the peak on January 1 with new year optimism and a "this year will be different" attitude have now lost approximately 11.8% of their portfolio value in 132 days. Their SIPs are still running. Their faith in the long-term India growth story is being tested. Their WhatsApp group called "Market Gyaan 📈" has been very quiet since 10 AM.