At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 593.2 points or 0.80% to 73,663.81. The Nifty 50 index declined 188 points or 0.83% to 22,331.40.

In the broader market, the S&P BSE Mid-Cap index lost 1.82% while the S&P BSE Small-Cap index fell 2.50%.

The market breadth was weak. On the BSE, 388 shares rose and 2,671 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,027 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,341.53 crore in the Indian equity market on 12 April, provisional data showed.

Economy:

On the macro front, retail inflation eased to a five-month low in March on the marginally moderating food inflation, while industrial output growth rebounded to a four-month high in February, led by robust infra sectors and consumer durables output. India's retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.17% to 7.167 from previous close of 7.179.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4400, compared with its close of 83.3825 during the previous trading session.

MCX Gold futures for 5 July 2024 settlement rose 0.20% to Rs 72,108.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 105.97.

The United States 10-year bond yield advanced 1.07% to 4.547.

In the commodities market, Brent crude for August 2023 settlement fell 14 cents or 0.15% to $90.31 a barrel.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.83%. The company announced that its consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 as compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24.

Adani Enterprises declined 2.59%. The company on Friday announced that its wholly owned subsidiary, Adani Global will acquire a 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi.

Power Grid Corporation of India fell 2.11%. The company ?s committee of directors for bonds is scheduled to be held on 17 April 2024 to consider issue of unsecured, Non-Convertible, Non-Cumulative, redeemable, taxable POWERGRID Bond issue(s) during FY 2024-25 in one or more tranches/ series upto Rs 12,000 crore on private placement.

Global Market:

Asian stocks are trading lower on Monday on risk off sentiment as geopolitical tension heightened after Iran's attack on Israel over the weekend. Traders weighed the impact of Iran?s massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel, as per reports.

China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.

US stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.

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