Why Market is Down Today on Jan 06; Is This an HMPV Panic Fall?

The Indian stock market witnessed a sharp downturn during the morning trading session on Monday, January 6, 2025, driven by substantial losses in banking and metal stocks. The market opened in the green but quickly fell into the red, leading to a significant crash by mid-morning.

Sensex and Nifty Fell Over 1%

By 12:29 pm IST, Sensex had plummeted by 1,035.57 points, or 1.31%, to 78,187.54. The Nifty was down by 324.80 points, or 1.35%, reaching 23,679.95.

At this point, all 30 Sensex stocks were in the red, while only 2 out of the 50 Nifty 50 stocks managed to stay in the green.

Top Losing Stocks

Among the Sensex companies, Tata Steel saw the steepest fall, with shares dropping by 4.48%, trading at ₹132.10. This was followed by Kotak Mahindra Bank, which lost 3.13%, trading at ₹1,781.50, and Power Grid Corporation of India, which declined by 3.05%, trading at ₹306.50.

Sectoral Declines

All of the Nifty sectoral indices were in the red. The hardest-hit sector was Nifty PSU Bank, which fell by 3.52%, reaching 6,386.25. This was followed by Nifty Metal, which dropped 2.95% to 8,472.00, and Nifty Realty, which fell 2.62% to 1,017.75.

Is This an HMVP Panic Fall?

In health news today, on Monday, January 6, 2024, the Indian Council of Medical Research (ICMR) reported two cases of Human Metapneumovirus (HMPV) in Karnataka, detected through routine surveillance for multiple respiratory viral pathogens. The Union Health Ministry confirmed the cases on Monday.

A three-month-old female infant with a history of bronchopneumonia was diagnosed with HMPV after being admitted to a private hospital in Bengaluru. The infant has since been discharged.

Additionally, an eight-month-old male infant tested positive for HMPV on January 3 after being admitted to the same hospital. The health ministry said that the infant is currently recovering.

Market Opened Higher Today on January 06

The stock market had initially opened on a positive note. At 9:30 am IST, the Sensex was up by 272.45 points or 0.34%, reaching 79,495.56. The Nifty also started on a positive trajectory, gaining 27.60 points or 0.11%, reaching 24,032.35. However, this optimism quickly turned into a sharp sell-off as the day progressed.

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