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This paper explores the sustainable volatility spillovers and the systemic risk structure in the Indian equity market. It uses a high-frequency multifaceted approach. We utilize 5-minute intraday data from 2015 to 2024 for the NIFTY 50, India VIX, and five key sectoral indices to calculate daily Realized Volatility for building a very accurate risk measure that is free from models. Next, the authors use the Diebold-Yilmaz (2012) spillover index in a rolling-window VAR framework to measure the time-varying intensity and direction of risk flow in the market system. The study is deepened with several contemporary methods to depict the market scene. They visualize the market's dynamic network to follow the contagion paths, produce a new Spillover Vulnerability Index (SVI) as a which they use to assess the sectors' risk, and, finally, they switch to GARCH-in-Mean models that allow them to empirically test the risk-return tradeoff for each sector. Our results tell us that systemic risk is very volatile and its highest point can be observed during the times of market frictions such as the COVID-19 pandemic. In that period, the market's risk architecture changes from a loosely interconnected to a densely interconnected network, with the NIFTY Bank index as the major net transmitter of shocks all the time. Besides, the global risk sentiment, represented by CBOE VIX, as well as the domestic monetary policy are mentioned to be the important sources of these spillovers. The paper also illustrates a careful out-of-sample forecasting test that compares traditional econometric models with modern machine learning (XGBoost) and deep learning (LSTM) approaches. The authors argue that even the highest models do not keep outperforming a simple Random Walk benchmark. The authors interpret this result as a great support for the Efficient Market Hypothesis, indicating that the spillover system is very fast in the absorption of information, which leads the future path to be quite an open question. This study offers a granular toolkit for investors and policymakers to monitor and manage financial stability in a key emerging market.