Sensex, Nifty Plunge On HMPV Virus Concerns
(RTTNews) - Indian shares tumbled on Monday, with selling seen across the board as a stronger dollar and elevated U.S. bond yields added to concerns over continued foreign fund outflows.
Caution ahead of the Q3 earnings season and reports of a new virus outbreak in China also weighed on markets. The Indian government has confirmed two cases of Human Metapneumovirus (HMPV) in Karnataka.
The benchmark S&P/BSE Sensex fell 1,258.12 points, or 1.59 percent to 77,964.99 while the broader NSE Nifty index closed at 23,616.05, down 388.70 points, or 1.62 percent, from its previous close.
Second-line stocks followed suit, with the mid-cap and small-cap indexes on the BSE falling 2.4 percent and 3.2 percent, respectively.
The market breadth was negative on the BSE, with 3,466 stocks declining, while 662 shares advanced and 116 ended with no change.
Adani Enterprises, NTPC, BPCL, Trent and Tata Steel lost 4-5 percent while Apollo Hospitals Enterprise rallied nearly 2 percent as the Union Health Ministry reported three Human Metapneumovirus cases.
Arkade Developers plunged 6.9 percent after it unveiled plans to redevelop three residential projects in Mumbai, spanning 5 acres across Andheri East, Malad West, and Borivali West.
ITC fell 2.3 percent as shares adjusted for a demerger.
Titan Company rose 0.7 percent after an upbeat Q3 business update.
Despite ongoing market selloff, global brokerage house Morgan Stanley said India will be the best performing emerging markets (EMs) in 2025 and the BSE Sensex is likely to touch 93,000 levels by the end of 2025 on the back of strong earnings, macroeconomic stability and domestic flows.
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