RSS Sensex, Nifty Plunge On HMPV Virus Concerns

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 RSS Sensex, Nifty Plunge On HMPV Virus Concerns

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On Monday, Indian stocks experienced a significant downturn, with widespread selling prompted by a robust dollar and increased U.S. bond yields, fueling concerns about persistent foreign fund withdrawals.

Investor caution was prevalent ahead of the third-quarter earnings season, compounded by reports of a new virus outbreak in China. The Indian government has identified two Human Metapneumovirus (HMPV) cases in Karnataka.

The benchmark S&P BSE Sensex dropped by 1,258.12 points, or 1.59%, closing at 77,964.99. Meanwhile, the NSE Nifty index finished at 23,616.05, marking a decline of 388.70 points, or 1.62%, from its previous close.

Mid-tier and smaller stocks mirrored this decline, with BSE's mid-cap and small-cap indices sliding by 2.4% and 3.2%, respectively.

Market sentiment on the BSE was negative, with 3,466 stocks decreasing in value, while 662 stocks rose and 116 remained unchanged.

Adani Enterprises, NTPC, BPCL, Trent, and Tata Steel witnessed declines of 4-5%, whereas Apollo Hospitals Enterprise saw a nearly 2% rise following the Union Health Ministry's report of three Human Metapneumovirus cases.

Arkade Developers saw a 6.9% dip after announcing redevelopment plans for three residential projects in Mumbai, encompassing areas in Andheri East, Malad West, and Borivali West.

ITC shares fell by 2.3% following adjustments for a demerger.

Contrastingly, Titan Company experienced a 0.7% increase after releasing a positive third-quarter business update.

Amidst the ongoing market downturn, global brokerage firm Morgan Stanley projected that India would emerge as the top performer among emerging markets by 2025, with the BSE Sensex anticipated to reach 93,000 by the end of 2025, driven by robust earnings, macroeconomic stability, and strong domestic investment flows.

The material has been provided by InstaForex Company - www.instaforex.com
 
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