Mumbai, Jan 6: The Indian stock market witnessed a steep decline on Monday as domestic benchmark indices plunged more than 1.5 per cent amid growing concerns over human metapneumovirus (HMPV) along with global uncertainties.

Heavy selling was seen in the PSU bank sector on Nifty. The PSU bank sector was down by more than 4 per cent. Apart from this, the realty, metal, energy, PSE, and commodities sectors also fell by more than 3 per cent.

Sensex ended at 77,964.99, down 1,258.12 points or 1.59 per cent and Nifty settled at 23,616.05 down 388.70 points or 1.62 per cent. The intraday low of Sensex was 77,781.62, while the intraday low of Nifty was 23,551.90.

Nifty Bank ended at 49,922 down by 1,066.80 points, or 2.09 per cent. The Nifty Midcap 100 index closed at 56,366.9 after declining 1,564.10 points, or 2.70 per cent, while the Nifty Smallcap 100 index closed at 18,425.25 after declining 608.45 points, or 3.20 per cent.

According to market experts, the primary catalyst for a sharp sell-off in the domestic market appears to be concerns over the HMPV.

“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," said experts.

On the Bombay Stock Exchange (BSE), 657 shares ended in green and 3,472 shares in red, whereas there was no change in 115 shares. On the sectoral front, all sectors ends in red.

In the Sensex pack, Tata Steel, NTPC, Kotak Mahindra Bank, PowerGrid, Zomato, IndusInd Bank, Asian Paints, Reliance, M&M, UltraTech Cement, HDFC Bank, Nestle India and the SBI were the top losers. Titan, HCL Tech and Sun Pharma were among the top gainers.

According to Karthick jonagadla, Founder and CEO of Quantace Research, Nifty has closed below its critical 200-day exponential moving average (200 DEMA) of 23,650.

“We maintain a constructively positive outlook, anticipating an upside of 5-6 per cent for the Nifty Index in the near term if key levels are reclaimed and sentiment improves,” he maintained.

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