Indian Share Market: On Monday, the first day of the week, there was chaos in the Indian stock market. The stock market opened in the green mark and started sinking downwards as soon as it reached the quagmire of the red mark. As of 02.40 pm, BSE Sensex was trading 1399.86 points (1.77%) lower at 77,823.25 points and NSE Nifty was trading 437.00 points (1.82%) lower at 23,567.75 points. Let us tell you that after the confirmation of 3 cases of Chinese virus HMPV in India today, the decline has taken a severe form. However, apart from the Chinese virus, there are many other reasons which accelerated this decline.
3 cases of Chinese virus HMPV confirmed in India
The first and biggest reason for today’s catastrophe in the stock market is the Chinese virus HMPV. On Monday, 3 cases of this virus have been confirmed in India. The first two cases came from Bengaluru, the capital of Karnataka, while the third case came from Ahmedabad, Gujarat. Children have been found infected in all three cases. The virus was found in a 3-month-old baby in Bengaluru, who has been discharged from the hospital. Whereas, an 8 month old child is undergoing treatment. The child found infected in Ahmedabad is also out of danger.
Heavy selling by FIIs is also a major reason for the disaster.
Heavy selling by FIIs is also a major reason for this disaster. Foreign institutional investors are continuously withdrawing money by selling Indian shares. These investors sell shares in large quantities, whose direct and major impact is visible. As soon as the entry of HMPV in India is confirmed, there is panic among foreign investors. Apart from these, the latest rise in crude oil prices, continuous fall in rupee and selling in the global market have also accelerated this decline.
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