Not a broad sell-off. Auto and banking led the fall (Nifty Financial Services ex-Bank down 1.12%, Auto down 1%), while metals and pharma actually gained. That split matters — it tells you the market's pricing a fuel-cost problem, not a general panic. Sensex touched 77,004 intraday, down 524 points; Nifty slipped near 24,066. Market veteran Ajay Bagga called it a "dangerous convergence" — Middle East conflict landing at the same time as hawkish central bank rhetoric.