The Indian stock market slipped into deep red territory on Monday, with Sensex and Nifty crashing over 1% each. Factors that strengthened the bear's grip over Dalal Street include global bond yields soaring to record highs, rupee plunging to fresh lifetime low, among others.Sensex crashed over 1,000 points to drop below 74,300 while Nifty 50 sank over 300 points to sub 23,350 level, around at 9.53 am. The sharp decline wiped out nearly Rs 7 lakh crore in the total market capitalisation of companies listed on BSE, dragging it down to Rs 454 lakh crore.India VIX, which measures volatility in markets, jumped over 5% to hover around 19.78. The market selloff was broad-based, with Nifty Midcap 100 and Nifty Smallcap 100 indices plummeting over 1% each.Power Grid Corporation of India, Tata Steel, Titan Company, Bajaj Finance, HDFC Bank, Maruti Suzuki, InterGlobe Aviation, Bajaj Finserv, Trent and Eternal were among the top losers on the Sensex, falling up to 5%. Defying the broader weakness, IT stocks such as Infosys, Tech Mahindra and Tata Consultancy Services gained around 1% each.VK Vijayakumar, Chief Investment Strategist at Geojit Investments, had already warned that the market is set to begin the week on a weak note due to global cues. “Elevated crude may force another round of price hikes in petrol and diesel, which will have negative implications for inflation. The spike in US 10-year bond yield to 4.62 % is another negative factor for EM equity markets. Rupee may further depreciate aggravating the vicious cycle of rupee depreciation and FPI selling,” he said.In the present context, export-oriented sectors like pharmaceuticals will continue to be resilient, according to the analyst, who added that leading private sector banks, under pressure from FPI selling, are fundamentally strong and attractively valued. Long-term investors can accumulate these stocks on weakness, he said.Here are five factors affecting the stock market today:1) Trump issues fresh threat to Iran, says 'Clock is ticking'US President Donald Trump heightened global concerns, warning that "the clock is ticking" as diplomatic negotiations with Iran over uranium stockpiles, sanctions relief and war-related compensation remain in a deadlock.In a post on Truth Social, Trump said that Iran must “get moving, FAST,” adding that “there won’t be anything left of them” and stressing that “TIME IS OF THE ESSENCE.” The remarks come amid heightened tensions in the Middle East where the ceasefire continues to weaken.ETMarkets.comSource: truthsocial.comMeanwhile, a drone strike caused a fire at a nuclear power plant in UAE, while Saudi Arabia reported intercepting three drones. Emirati officials said they were investigating the source of the strike and that the UAE had the full right to respond to such "terrorist attacks". 2) Bond yields soar to record highsBong yields soared to record high levels across the globe as inflationary pressures and fiscal concerns mounted amid the prolonged conflict in the Middle East. The yield on benchmark US 10-year notes jumped to 4.632%, the highest level seen February 2025.The 30-year bond yield surged to 5.156%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose to 4.101%. This came amid a global debt selloff, leading to falling bond prices and rising yields.In Japan, yields on the 30-year Japanese government bond (JGB) jumped to their all-time highest level of 4.170% while the 10-year yield touched its highest since October 1996 at 2.800%. Rising bond yields typically make debut instruments more attractive than equity markets, which in turn can lead to some downturn in the latter. 3) Rupee tumbles to fresh all-time lowRupee dropped to a fresh all-time low of 96.18 against the US dollar on Monday, eclipsing its previous record of 96.1350. The Indian currency is Asia's worst performer so far in 2026, and has ‌dropped 5.5% since the Iran-US war erupted on February ⁠28.Notably, today marks the fifth consecutive session when the Indian rupee hit a fresh record low as high oil prices sent bond yields soaring to record high levels, denting risk appetite and spooking investors. “Market participants remain cautious amid fears that elevated crude prices may persist for a longer duration despite government measures to control volatility. Near-term rupee range is expected between 95.55–96.25,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.4) Oil soars above $110/barrelOil prices soared back above $110 per barrel level as fresh warnings by US President Donald Trump spooked investors over the possibility of further escalations in the oil-rich Middle East. Brent crude gained around 2% to $111 per barrel while WTI Crude jumped more than 2% to $108 per barrel on Monday morning.5) Global markets crashAs a result of the renewed worries, global markets crashed. In Asia, Japan’s Nikkei declined around 1% while Hong Kong’s Hang Seng crashed more than 1%. China’s Shanghai Composite was down marginally, while South Korea’s Kospi recorded marginal gains.On the Wall Street, Nasdaq and S&P 500 tumbled up to 1.5% on Friday. Dow Jones futures are currently down around 1%, indicating a weak start for the American stock market later today. European markets also closed in the deep red on Friday, with Germany’s DAX, France’s CAC and UK’s FTSE tumbling around 2% each.FII turn net buyersForeign investors remained net buyers of Indian equities for the second consecutive session, purchasing Indian shares worth Rs 1,329 crore on Friday, according to provisional data on NSE. FIIs have net bought shares worth Rs 2,430 crore over the two days. However, this is negligible when compared to the massive selloff seen earlier. FII remained net sellers of Indian equities in 7 out of 10 sessions in May so far.Technical view on NiftyNifty has formed a small bear candle with shadows in either direction, signaling consolidation amid stock specific action, said Bajaj Broking. “Going ahead, in the coming sessions failure to move above the breakdown area of 23,800 - 23,900, will keep the bias corrective and can lead to testing of the support area of 23,300 and 23,000 levels in the coming sessions,” it added.The brokerage highlighted that the benchmark index needs to form higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 23,800 - 23,900 to signal a pause in the downtrend.On the downside, Bajaj Broking sees Nifty finding support at 23,480 and then at 23,350. Notably, the index has already breached the first support level and is heading towards the second. On the upside, the brokerage sees Nifty finding resistance at 23,750 and then at 23,840.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times)