The given sentence is a direct speech statement: "He said, 'I will go to the market.'". To convert it into indirect speech, follow these steps:
Reporting Verb: The reporting verb "said" remains unchanged.
Remove Quotation Marks: Eliminate the quotation marks around the speech.
Change in Pronouns: The pronoun 'I' from the direct speech is converted to 'he' in indirect speech to match the subject.
Change in Tense: Since the reporting verb "said" is in the past tense, the future tense "will go" is changed to "would go".
Following these steps, the correct conversion to indirect speech is: He said he would go to the market.