Indian equity markets witnessed a sharp decline in Monday’s afternoon trading session, with both benchmark indices falling over 1 per cent amid concerns over the detection of Human Metapneumovirus (HMPV) cases in India, marking a significant reversal from the day’s opening levels.

The BSE Sensex plummeted 949.62 points or 1.20 per cent to 78,273.49, while the broader NSE Nifty dropped 318.95 points or 1.33 per cent to 23,685.80 at 12:07 PM, after opening higher at 79,281.65 and 24,045.80 respectively.

• Also read: HMPV: Health Ministry confirms two cases in India, both affected are infants 

The selling pressure was widespread across sectors, with the Nifty Next 50 experiencing the steepest decline of 2.62 per cent to 67,380.55. The Nifty Midcap Select fell 2.00 per cent to 12,749.90, while the banking sector indices also faced significant losses with Nifty Bank down 1.61 per cent at 50,167.95 and Nifty Financial Services declining 1.35 per cent to 23,415.20.

Market breadth remained heavily negative with 3,223 stocks declining against 734 advances on the BSE. The number of stocks hitting lower circuit at 365 significantly outnumbered those touching upper circuit at 228. Despite the broad market weakness, 159 stocks managed to hit their 52-week highs, while 67 touched their 52-week lows.

Among individual stocks, Apollo Hospitals emerged as the top gainer on the NSE, rising 0.91 per cent, followed by ICICI Bank and Titan with modest gains of 0.15 per cent and 0.05 per cent respectively. The major losers included Tata Steel (-4.18 per cent), BPCL (-3.46 per cent), Adani Enterprises (-3.22 per cent), Kotak Bank (-3.10 per cent), and Trent (-3.05 per cent).

• Also read: “We have a fair level of exposure to HMPV,” says virologist Gagandeep Kang

The market sentiment was affected by news of two HMPV cases detected in Karnataka, both involving infants. The Union Health Ministry confirmed that the cases were identified through routine surveillance, with both patients admitted to Baptist Hospital, Bengaluru, for bronchopneumonia. Neither patient had any international travel history.

While the Health Ministry maintained that the HMPV strain is already in global circulation and that there has been no unusual surge in respiratory illnesses, the news appeared to trigger concerns among investors, leading to broad-based selling across sectors.

The market reaction comes despite the Ministry’s assurance of preparedness and ongoing monitoring through the ICMR and IDSP network, with support from the WHO in tracking the situation in China.