Sensex falls 300 points, Nifty at 22190, pulled down by weak global cues; IT, Bank, FS, Health sectors decline.

On April 16, CRISIL, Den Networks, Integra Essentia, Lotus Chocolate Company, and SG Mart are set to report their results. 

In the financial markets, Asian stocks and currencies faced a sharp decline due to concerns about the possibility of prolonged higher US interest rates and signs of a slowdown in China's growth.

The MSCI Asia Pacific Index experienced its most significant drop in three months as shares across various Asian markets, including Hong Kong, Japan, and South Korea, registered significant losses. Futures contracts for US and European stocks showed stability in Asian trading after the S&P 500 witnessed volatile trading, erasing earlier gains and plunging more than 1%.

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Several economic indicators from China revealed a mixed picture of the nation's economic recovery. While gross domestic product (GDP) and fixed asset investment surpassed expectations, data on retail sales and industrial output fell short. This discrepancy impacted the region's currencies, with a gauge of emerging-market currencies hitting fresh lows for the year.

Charu Chanana, head of foreign-exchange strategy at Saxo Markets in Singapore, noted that although China's headline data appeared strong, the underlying details were weak, suggesting the need for additional support to the economy.

The Indonesian rupiah weakened past 16,000 per dollar for the first time since 2020, leading the nation's central bank to intervene. The South Korean won also dropped to its lowest level since 2022.

Offshore yuan remained under pressure as officials unexpectedly weakened its defense amid a strengthening dollar and negative sentiment.

Treasuries stabilized after bond yields surged to year-to-date highs following stronger-than-expected retail sales data. Oil prices rose as Israel vowed to respond to an unprecedented attack by Iran, heightening tensions in the Middle East.

Market volatility increased, with the premium for one-month put options hitting the highest level since October. The VIX, Wall Street's fear gauge, reached its highest levels of the year. Both the S&P 500 and the Nasdaq 100 experienced significant declines, breaching their 50-day moving averages.

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In the bond market, Treasury yields spiked, driven by robust retail sales data and bond sales from banks such as JPMorgan Chase & Co. and Wells Fargo & Co.

US retail sales in March exceeded forecasts, indicating resilient consumer demand supporting the economy. However, concerns remain regarding the potential for entrenched inflation if robust labor market conditions persist.

In commodity markets, West Texas Intermediate crude oil prices rose in Asia after surpassing $85 per barrel on Monday. Gold prices remained steady in early trading.

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