HMPV Virus: The Indian stock market experienced a significant downturn on Monday, marking the first trading day of the week, resulting in substantial losses for investors. Initially, the market opened positively, but a sharp decline in both the Sensex and Nifty indices led to a staggering loss of over Rs 8 lakh crore.
30-share Sensex of the Bombay Stock Exchange fell by more than 1,100 points
The 30-share Sensex of the Bombay Stock Exchange fell by more than 1,100 points, while the Nifty index of the National Stock Exchange dropped by 365 points. Notably, major stocks, including Tata Steel, Adani Port, Reliance, and HDFC Bank, faced severe declines.
Plummeted to 78,090 around
To elaborate on the abrupt market drop, the BSE Sensex commenced trading at 79,281.65 but plummeted to 78,090 around noon, reflecting a sharp decrease of 1,124 points. Similarly, the Nifty opened at 24,045.80 but quickly fell by 365 points to reach 23,639. This drastic decline also impacted the market capitalization of the BSE, which decreased from Rs 449.78 lakh crore on the previous Friday to Rs 441.48 lakh crore after just three hours of trading on Monday, resulting in a loss of Rs 8.3 lakh crore for investors.
Several factors behind this downturn
Several factors contributed to this downturn in the Indian stock market, including foreign investor sell-offs and rising crude oil prices. However, reports suggest that the emergence of the Chinese HMPV virus played a significant role in triggering panic selling among investors.
HMPV virus in India
Following the Indian Council of Medical Research’s (ICMR) confirmation of two cases of the virus in a Bengaluru hospital, market sentiment deteriorated, leading to the collapse.
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