Stock market:  The domestic equity market plunged in Monday morning trading, with the BSE's Sensex tumbling 929.74 points amid the ongoing Middle East conflict and weak global market trends. The markets were also hit by foreign fund outflows and higher-than-expected US inflation data. In the early hours, the Sensex fell 929.74 points to 73,315.16, while the NSE Nifty 50 shrank 216.9 points to 22,302.50.

At around 10: 53 Am, the senses were trading at around 73820, down by 0.6 percent, while Nifty 50 was at around 22,400, down by 113 points.

From the Sensex basket, Tata Motors, Bajaj Finserv, Bajaj Finance, Tata Steel, State Bank of India, Power Grid, NTPC, and Asian Paints were the major losers. Tata Consultancy Services jumped nearly 1% after the IT services major reported a 9% growth in net profit to Rs 12,434 crore in the January-March quarter of FY24. TCS got strong domestic business even as the company struggled in its key markets overseas. Nestle and HCL Technologies were the other gainers.

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Major reasons behind the Market 

- As per various experts Israel and Iran's tensions, domestic and global economic macro-economic data,  Q4FY24 results for the January-March quarter, general elections 2024, crude oil prices, and global cues are setting the market's direction this week. 

- "There are many headwinds that will weigh on markets today: the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty, and the hotter-than-expected US inflation are negatives," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

- In Asian markets, Seoul,  Hong Kong, and Tokyo were trading lower while Shanghai was trading in green. On Friday, Wall Street ended significantly lower.  Global oil benchmark Brent crude dipped 0.17% to $90.30 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,027 crore on Friday, according to exchange data.

- The wait around Q4 is holding investors back from flowing money in the stock market.

(With PTI Inputs)

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