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Sensex Down By Over 900 Pts, Nifty 216 Amid Crisis In Middle-East

In early trade on Monday, benchmark equities indices plunged, with the Sensex falling 929.74 points. The decline was attributed to both weak global market trends and the ongoing conflict in the Middle East.
The markets were also negatively impacted by outflows of foreign funds and US inflation data that was higher than anticipated.

Maintaining the downward trend from the previous day, the 30-share BSE Sensex fell 929.74 points to 73,315.16. At 22,302.50, the NSE Nifty fell 216.9 points.

The biggest laggards from the Sensex basket were Asian Paints, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, and Bajaj Finserv.

Tata Consultancy Services surged by almost 1% following the IT services giant’s announcement on Friday that its net profit for the January–March quarter of FY24 increased by 9% at ₹ 12,434 crore, largely attributable to robust domestic sales despite challenges in the company’s main international markets.

HCL Technologies and Nestle were the top gainers.

In Asian markets, while Seoul, Tokyo, and Hong Kong were trading at a lower level.
Wall Street saw a sharp decline on Friday.
The benchmark for world oil, Brent crude, fell 0.17 percent to USD 90.30 per barrel.
Exchange data indicates that on Friday, equities worth ₹ 8,027 crore were offloaded by Foreign Institutional Investors (FIIs).
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “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.”

The benchmark BSE fell 793.25 points, or 1.06 percent, on Friday, closing at 74,244.90. To reach 22,519.40, the NSE Nifty fell 234.40 points, or 1.03%.

According to official data released on Friday, retail inflation inched closer to the Reserve Bank’s target of 4% in March, falling to a five-month low of 4.85% primarily as a result of declining food prices.

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