<p>Mumbai: Equity benchmark indices tanked in early trade on Monday, with the Sensex tumbling 929.74 points, amid the ongoing conflict in the Middle East and weak trends from global markets.</p><p>Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.</p><p>Extending its previous day's decline, the 30-share BSE Sensex tanked 929.74 points to 73,315.16. The NSE Nifty declined 216.9 points to 22,302.50.</p><p>From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.</p><p>Tata Consultancy Services climbed nearly 1 per cent after the IT services major on Friday reported a 9 per cent growth in net profit at Rs 12,434 crore in January-March quarter of FY24 due to strong domestic business even as the company struggled in its key markets overseas.</p><p>Nestle and HCL Technologies were the other gainers.</p><p>In Asian markets, Seoul, Tokyo and Hong Kong were trading lower while Shanghai quoted in the positive territory.</p><p>Wall Street ended significantly lower on Friday.</p><p>Global oil benchmark Brent crude dipped 0.17 per cent to USD 90.30 a barrel.</p><p>Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,027 crore on Friday, according to exchange data.</p><p>"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.</p><p>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, he added.</p><p>The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement (DTAA) is yet to be ratified and notified by the department.</p><p>India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are granted only for transactions with a bona fide purpose.</p><p>The BSE benchmark tanked 793.25 points or 1.06 per cent to settle at 74,244.90 on Friday. The NSE Nifty declined 234.40 points or 1.03 per cent to 22,519.40.</p><p>Retail inflation declined to a five-month low of 4.85 per cent in March mainly due to cooling food prices, inching towards the Reserve Bank's target of 4 per cent, according to official data released on Friday.</p><p>India's industrial production growth accelerated to a four-month high of 5.7 per cent in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.</p>
<p>Mumbai: Equity benchmark indices tanked in early trade on Monday, with the Sensex tumbling 929.74 points, amid the ongoing conflict in the Middle East and weak trends from global markets.</p><p>Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.</p><p>Extending its previous day's decline, the 30-share BSE Sensex tanked 929.74 points to 73,315.16. The NSE Nifty declined 216.9 points to 22,302.50.</p><p>From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.</p><p>Tata Consultancy Services climbed nearly 1 per cent after the IT services major on Friday reported a 9 per cent growth in net profit at Rs 12,434 crore in January-March quarter of FY24 due to strong domestic business even as the company struggled in its key markets overseas.</p><p>Nestle and HCL Technologies were the other gainers.</p><p>In Asian markets, Seoul, Tokyo and Hong Kong were trading lower while Shanghai quoted in the positive territory.</p><p>Wall Street ended significantly lower on Friday.</p><p>Global oil benchmark Brent crude dipped 0.17 per cent to USD 90.30 a barrel.</p><p>Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,027 crore on Friday, according to exchange data.</p><p>"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.</p><p>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, he added.</p><p>The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement (DTAA) is yet to be ratified and notified by the department.</p><p>India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are granted only for transactions with a bona fide purpose.</p><p>The BSE benchmark tanked 793.25 points or 1.06 per cent to settle at 74,244.90 on Friday. The NSE Nifty declined 234.40 points or 1.03 per cent to 22,519.40.</p><p>Retail inflation declined to a five-month low of 4.85 per cent in March mainly due to cooling food prices, inching towards the Reserve Bank's target of 4 per cent, according to official data released on Friday.</p><p>India's industrial production growth accelerated to a four-month high of 5.7 per cent in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.</p>