After the Indian government confirmed two cases of Human Metapneumovirus (HMPV) in Karnataka amid reports of a virus outbreak creating havoc in China, stock market investors chose to play it safe, with the Sensex falling over 1,100 points and Nifty losing around 1.4%. A total of 324 stocks hit lower circuit limits, and the fear gauge India VIX soared 11 per cent, as two cases of human metapneumovirus (HMPV) have reportedly been found in India. China has been grappling with high cases of this virus that causes respiratory illness, but has no known vaccine.
Also Read: HMPV Outbreak In India: Second Positive Case Reported In Bengaluru
Tata Steel Ltd fell the most out of all the Sensex companies, dropping 4.48%, trading at ₹132.10. This was followed by Kotak Mahindra Bank Ltd which was down 3.13%, trading at ₹1,781.50, and Power Grid Corporation of India Ltd which was down 3.05%, trading at ₹306.50.
Nifty PSU Bank fell the most by 3.52%, reaching 6,386.25. This was followed by Nifty Metal which fell 2.95%, reaching 8,472.00, and Nifty Realty which fell 2.62%, reaching 1,017.75.The crash came despite the market opening initially in the green. At 9.30 am IST, the Sensex was up by 272.45 points or 0.34%, reaching 79,495.56.The crash today appears to be a continuation of what happened during the last trading session of the previous week on Friday, January 3, 2025, when the market closed well into the red after a crash, mostly led by IT, pharma, and banking stocks.