Worst possible day for Sensex, Nifty in 2 months: Why is market down today? Benchmark equity indices plunged sharply on Tuesday, with the Sensex tumbling over 1,700 points during intraday trade after US President Donald Trump dropped a bombshell statement over the Iran war.A man walks past Bombay Stock Exchange (BSE) building in Mumbai (AP Photo/Rafiq Maqbool)The benchmark Nifty 50 fell 2.03 per cent to 23,902.64, while the BSE Sensex slid 2.1% to 76,570.47, as of 2:35 pm, according to data cited in a Reuters report which added that if the losses hold, this would be the biggest percentage drop for the benchmarks in more than two months.IndiGo stock fell the most - around 5.5 per cent – possibly due to the fear of aviation sector getting hit if the war resumes.Why market is down today?The sharp drop in stock market came after US President Donald Trump on Wednesday said the ceasefire with Iran was “over" as fighting flared between the Tehran and Washington.US launch strikes on Iran on Tuesday and cited Iranian attacks on ships in the vital Strait of Hormuz as the reason for it. The strategic shipping route remains a flashpoint in the conflict, which began in late February with massive US-Israeli strikes on Iran.Tehran insists on controlling the waterway, saying it will charge fees for passage and threatening to hit vessels that deviate from its authorised route.Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs.