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Indian equity indices Sensex and Nifty plunged 1.6% on Monday, driven by concerns over third-quarter earnings growth, FII selling, and the impact of the HMPV virus. 

Sensex and Nifty Tumble 1.6% amid FII selling, earnings woes, and HMPV fears

Indian equity indices Sensex and Nifty plunged 1.6% on Monday, driven by concerns over third-quarter earnings growth, FII selling, and the impact of the HMPV virus.&nbsp;

Benchmark equity indices Sensex and Nifty crashed 1.6 per cent on Monday due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.
Besides, traders said that the new HMPV scare, depreciating rupee and weak trend in Asian markets further weighed on sentiment.
Extending loss for the second straight session, the 30-share BSE benchmark Sensex tanked 1,258.12 points or 1.59 per cent to close below the 78,000 level at 77,964.99. During the day, it plunged 1,441.49 points or 1.81 per cent to 77,781.62.
As many as 3,474 stocks declined, 656 advanced and 114 remained unchanged on the BSE.
The NSE Nifty slumped 388.70 points or 1.62 per cent to 23,616.05.
"Emerging markets are undergoing consolidation due to uncertainties surrounding new US economic policies, the Fed's hawkish stance on future rate cuts, potential upward revision for CY25 inflation, and a strong dollar, all of which are negatively impacting market sentiment. The primary catalyst for a sharp sell-off in the domestic market appears to be concerns over the human metapneumovirus (HMPV).
"Additionally, the initial Q3 consensus earnings estimate suggests a potential gradual recovery in domestic corporate earnings, which could explain the domestic market's underperformance compared to global markets led by premium valuation," Vinod Nair, Head of Research, Geojit Financial Services, said.
From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, IndusInd Bank, Power Grid, Zomato, Adani Ports, Asian Paints, Mahindra &amp; Mahindra and Reliance Industries were among the biggest laggards.
Titan and Sun Pharma were the only gainers.
"The Indian equity markets witnessed a sharp decline today, with both Nifty and Bank Nifty slipping below their 200-day moving averages (DMA). The sell-off can be attributed to a rise in Foreign Institutional Investor (FII) selling and concerns surrounding the upcoming Q3 earnings season.
"Additionally, fears related to the new HMPV have added to the bearish sentiment, triggering fresh rounds of selling after the recent counter-trend pullback rally," Santosh Meena, Head of Research, Swastika Investmart, said.
The BSE smallcap gauge cracked 3.17 per cent and the midcap index fell by 2.44 per cent.
"Indian equities faced intense selling pressure amid concerns regarding the outbreak of HMP Virus (Human Metapneumovirus) and sharp fall in banking stocks post lacklustre quarterly updates. Diagnostic stocks were in focus as the first two cases of HMPV were detected in Bangalore.
"There was broad-based sell-off in the market with midcap and smallcap indices falling between 2-3 per cent each and all sectoral indices closing in the red," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
All BSE sectoral indices ended lower, with utilities tumbling 4.16 per cent, power (3.73 per cent), services (3.45 per cent), metal (3.15 per cent), oil &amp; gas (3.15 per cent), energy (3.03 per cent), industrials (2.97 per cent) and commodities (2.74 per cent).
"In the capital goods sector, order inflows are anticipated to rise from 4QFY25 onwards. Defence sector order is also expected to ramp up based on recent approvals. We expect markets to remain volatile until concerns relating to the new virus ease out. We could see stock/sector-specific action on the back of pre-quarterly business updates and the start of the Q3 result season," Khemka said.
The Indian Council of Medical Research has detected two cases of Human Metapneumovirus (HMPV) in Karnataka through routine surveillance for multiple respiratory viral pathogens, the Union health ministry said on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,227.25 crore on Friday after a day's breather, according to exchange data.
In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.
European markets were trading on a mixed note. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.25 per cent to USD 76.32 a barrel.
The rupee declined 4 paise to settle at a fresh record low of 85.83 (provisional) against the US dollar on Monday.
Meanwhile, India's services sector growth touched a four-month high in December, supported by new business inflows on strong demand conditions and easing inflationary pressures, a monthly survey said on Monday.
The seasonally adjusted HSBC India Services Business Activity Index, rose from 58.4 in November to 59.3 in December, highlighting the strongest rate of expansion in four months.
In the previous session, the BSE benchmark tumbled 720.60 points or 0.90 per cent to close at 79,223.11 on Friday. The Nifty tanked 183.90 points or 0.76 per cent to 24,004.75.

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