Sensex Declines By Over 1100 Points, Nifty Nosedives 1%; Indices In Decline As HMPV Virus Rise In China

The marquee index of the BSE (Bombay Stoxk Exchange), nose dived on the dalal street amid worries of the new covid like virus named 'HMPV virus' .

The Dalal street was shook and started to tumble down in red after first case of new chinese virus was detected in India.

BSE Sensex was taken over by the negative trade sentimental traders and Investors tumbling down by over 1.65 per cent amounting to 1,306 points .

The NSE's marquee index Nifty lost more than 400 points on the bourses. Nifty was declining 1.75 per cent amounting to a 420.35 points on the Indian Exchanges.

HMPV virus in focus

After the COVID pandemic that brought the global economy to a grinding halt, fears of another pandemic appear to have enveloped the markets. The recent spike in cases of the HMPC virus in China has kicked off a panic selling streak.

These fears were only aggravated after India, the most populous country in the world, also reported two cases. These two cases were reported in Karnataka's capital, Bengaluru. Although the Indian authorities

The Chinese currency has declined in the recent past as a result of this new tranche of uncertainty. In addition, as though a relay effect, the Indian Rupee also hit record low in the intraday trade on Monday.

FIIs selling is on rise

FPI selling has persisted; according to NSDL data, net outflows in January have totaled Rs 4,285 crore thus far. Investors are also feeling uneasy about the impending earnings season.

Add to that the weak global cues, as crude oil prices have risen to their highest level since October 2024 and Asian markets have dropped as much as 1.4 per cent today due to firm dollar and US bond yields. Finally, largecap indices were also impacted by ITC's demerger of the hotel business.

Published on: Monday, January 06, 2025, 02:21 PM IST