FIRST TRADE: Sensex plunges over 600 pts, Nifty below 22,350; Tata Motors, BPCL down over 2%

Stock market today: Domestic equity indices on Monday (April 15) traded lower tracking Asian peers, as investor sentiment was subdued after Iran's retaliatory attack on Israel over the weekend spurred fears of a wider regional conflict.

Last seen, the 30-scrip barometer declined 0.77 per cent or 531,25 points at 73,713.65 and NSE Nifty was down 0.73 per cent or 154.45 points at 22,354.95. 

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in firm red. Nifty Bank was down 1.07 per cent at 48,045.85.

"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. But partly these negatives are in the price since a retaliation from Iran was expected and the higher US inflation was discounted by the market on Friday. Signals from the crude market indicate that the Iran-Israel conflict is unlikely to escalate," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Dr. V K Vijayakumar added President Biden has clearly indicated that he doesn’t support Israeli retaliation. So, the situation may calm down. However, investors have to be guarded since the element of uncertainty is high during a tense situation like this.

Further, he said IT stocks will be resilient on the back of better-than-expected numbers from TCS and promising outlook for FY 25. Banking stocks will exhibit strength since the results will be good and valuations are fair.

BUZZING STOCKS

Aster DM Healthcare shares were up over 8 per cent after the company's board approved Rs 118 per share special dividend.

TCS shares were up nearly 1 per cent after it announced its Q4 results. 

Conversely, Patanjali Foods shares were down over 2 per cent after the company announced performance to remain stable on a quarterly basis. 

GLOBAL MARKETS 

Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.

The dollar scaled a fresh 34-year high against the yen on growing expectations that sticky inflationary pressures in the United States will keep rates there higher for longer. Markets in Asia began the week on a cautious footing. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7 per cent after Iran had, late on Saturday, launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1.

(With inputs from agencies.)

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