The Indian stock market faced a sharp decline on Monday, with the benchmark indices registering losses of over 1.5 percent. Concerns regarding human metapneumovirus (HMPV) and global economic challenges contributed to the sell-off.
The Sensex closed at 77,964.99, dropping by 1,258.12 points or 1.59 percent, while Nifty settled at 23,616.05, declining by 388.70 points or 1.62 percent. The intraday low of Sensex was 77,781.62, and Nifty’s was 23,551.90.
Nifty Bank ended the session at 49,922, down by 1,066.80 points or 2.09 percent. The Nifty Midcap 100 index recorded a loss of 1,564.10 points or 2.70 percent, closing at 56,366.9. The Nifty Smallcap 100 index fell by 608.45 points or 3.20 percent, ending at 18,425.25.
Sectors such as PSU banks, realty, metal, energy, public sector enterprises, and commodities reported substantial declines. The PSU bank sector experienced a drop of over 4 percent, leading the losses across the board.
On the Bombay Stock Exchange (BSE), 657 shares ended in positive territory, while 3,472 shares declined, and 115 shares remained unchanged. All sectors on the BSE ended lower.
Within the Sensex group, Tata Steel, NTPC, Kotak Mahindra Bank, PowerGrid, Reliance, Zomato, IndusInd Bank, Asian Paints, M&M, UltraTech Cement, HDFC Bank, and SBI recorded declines. Among the gainers were Titan, HCL Tech, and Sun Pharma.
Market analysts attributed the downturn to HMPV concerns and global economic factors such as evolving US economic policies, a strong dollar, and uncertainties related to inflation and interest rates.
Karthick Jonagadla, Founder and CEO of Quantace Research, said that Nifty closed below its 200-day exponential moving average of 23,650. He said that an upside of 5-6 percent for the Nifty Index could be possible in the near term if key levels are regained.
-IANS