Share Market Closes In Red, Sensex Crashes Over 1,250 Points, Nifty Plunges 1.6 Per Cent

On the 30-share Sensex platform, Titan, HCL Tech, and Sun Pharma emerged as the only gainers for the day. On the other hand, Tata Steel, NTPC, Kotak Bank, and Zomato stood among the laggards.

Forex traders explained that the surging US bond yields and concern over HMPV virus outbreak resulted in investors chasing the American dollar which is known for its safe-haven status.

Source : ABPLIVE AI

The bears took control of the Dalal Street on Monday, pushing Nifty below the 24,000 level. The Sensex bled more than 1,250 points and tanked over 1.5 per cent to close the session at 77,964.99, while the NSE Nifty50 plummeted close to 400 points and ended trading at 23,616.05.

This decline in the indices was attributed to the HMPV scare and worries around the upcoming Q3 earnings. Vaibhav Vidwani, Research Analyst, Bonanza, noted, “This downturn was influenced by several factors, among which the detection of two cases of Human Metapneumovirus (HMPV) in Karnataka played a notable role. The confirmation of HMPV cases in India coincided with reports of a virus outbreak in China, leading to heightened investor caution. The Indian government reported that two infants had tested positive for HMPV, which is known to cause respiratory infections. This news triggered fears reminiscent of the COVID-19 pandemic, causing investors to adopt a sell-off strategy. Market analysts noted that this unexpected development intensified existing concerns about public health and its potential economic implications.”

On the 30-share Sensex platform, Titan, HCL Tech, and Sun Pharma emerged as the only gainers for the day. On the other hand, Tata Steel, NTPC, Kotak Mahindra Bank, PowerGird, and Zomato stood among the laggards. 

In the broader markets, the Nifty Microcap 250 index plunged 3.73 per cent, followed by the Nifty Smallcap 100 index which took a hit of 3.20 per cent. 

Sector-wise, the Midsmall Financial Services closed the session at a loss of 3.39 per cent, followed by the Realty index which declined 3.16 per cent by the end of the day.

The Indian rupee depreciated 4 paise to settle at a fresh record low of 85.83 (provisional) against the US dollar on Monday. This decline was attributed to the sharp downfall seen in the domestic equity markets and unabated outflow of foreign capital. Forex traders explained that the surging US bond yields and concern over HMPV virus outbreak resulted in investors chasing the American dollar which is known for its safe-haven status.