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Covid-19: Sensex sinks to 57k, SA has new strain as Israel weighs emergency

Covid-19: Sensex sinks to 57k, SA has new strain as Israel weighs emergency

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Virendra Pandit

 

New Delhi: Fears of a new, deadly strain of coronavirus in South Africa, over 170 MBBS fully vaccinated students catching Covid-19 in Karnataka, and reports from Jerusalem that Israel is considering the imposition of emergency because of fresh infection, reflected on world markets on Friday, including in India where Sensex sank 1,687 points to close at 57,107.

Recently, after China’s unspecified fresh cases, several European countries reported thousands of new infections daily, forcing Austria to re-clamp nationwide lockdown this week, and the US advising travelers against visiting Germany and the Netherlands, showing the world is returning to the next wave of Covid-19.

On Friday, reports of a new strain in South Africa (B.1.1.529), which the World Health Organization (WHO) will designate in the next few hours, pulled down global markets. Fears that the fresh strain could adversely affect several countries fueled the plunge, strain health systems, potentially evade vaccines, and complicate efforts to reopen economies and borders.

The development sent a shock wave of risk aversion to global markets on Friday. Falling in line with global peers, the BSE Sensex plunged 1,687 points, to end the day’s bloodbath at 57,107 levels. The Nifty50, too, erased 526 points, to close at 17,010.

Several stocks witnessed their biggest intra-day fall since April 12, 2021, and also their biggest weekly fall since January 29, 2021. The Sensex meltdown was equally bad in the broader markets, where the BSE MidCap and SmallCap indices fell 3.2 percent and 2.6 percent, respectively.

Taking a serious view of the new strain in India, Union Health Secretary Rajesh Bhushan directed the states and union territories to start rigorous screening and testing of all international travellers coming from or transiting through Botswana, South Africa and Hong Kong which reported multiple cases of new coronavirus variant that has a significantly high number of mutations and serious public health implications for the country, in view of recently relaxed visa restrictions and opening up of international travel.

He asked them to ensure that samples of travelers turning Covid-19 positive are sent to designated genome sequencing laboratories promptly. The contacts of these international travelers must also be closely tracked and tested as per Health Ministry guidelines, he said.

Reports from Dharwad said with fresh infections detected in 116 more people, mostly MBBS students from SDM College of Medical Sciences and Hospital, the number of those who tested Covid-19 positive in two days increased to 182, mostly asymptomatic, who had attended a function in the college. The college was sanitized, two hostels sealed and students were quarantined. Over 700 people, including students, staff, and primary contacts, have been tested so far.

Meanwhile, the WHO will meet South African and other experts in Geneva late on Friday to assess and designate the new Covid-19 variant (B.1.1.529) amid growing global concerns, the health agency’s spokesperson Christian Lindmeier said.

Nearly 100 sequences of the new variant have been reported, and early analysis shows it has “many mutations” requiring further study, he said.

The media reported that scientists in South Africa identified on Thursday a new variant whose mutations mark a “big jump in evolution” that is driving a spike in fresh cases. They detected it in the country’s financial hub around Johannesburg, where it affected 22 people. One case was detected in Hong Kong as well, where a traveler returned from South Africa.

Hours later, Britain banned flights from six southern African nations, citing the fresh variant. Israel also banned entry from seven African countries.

In December 2020, South Africa had reported the Beta variant, which has now spread to nearly 70 countries. Vaccines offer less protection against this variant. Since then, the more virulent and aggressive Delta variant has spread all over the world and is believed to be fuelling the latest surge in cases.

With over 1,200 new infections, South Africa’s daily infection rate is much lower than in Germany, where recent cases are driving a wave. But the density of mutations on this new variant in South Africa raises fears that it could be highly contagious.

“This variant surprised us. It has a big jump in evolution, many more mutations than we expected, especially after a very severe third wave of Delta,” said Tulio de Oliveira, director of the KwaZulu-Natal Research and Innovation Sequencing Platform.

The B.1.1.529 variant has a “very unusual constellation of mutations,” with over 30 mutations in the spike protein alone, he added.

On the ACE2 receptor — the protein that helps to create an entry point for the coronavirus to infect human cells — the new variant has 10 mutations. In comparison, the Beta variant has three, the Delta variant two.

They have largely detected the new variant among young people, the cohort that also has the lowest vaccination rate in South Africa. Just over a quarter of those ages between 18 and 34 in South Africa are vaccinated, said Health Minister Dr. Joe Phaahla.

While cases of the new variant are mainly concentrated in the country’s economic hub, particularly in the capital Pretoria, it is “only a matter of time” before the virus spreads across the country as schools close and families prepare to travel for the Christmas holiday season, he said.

Israel is considering the imposition of an emergency. Although it started vaccination of children in the 5-11 years’ group as well, even vaccinated people are reporting re-infection. Prime Minister Naftali Bennett said: “We are currently on the verge of a state of emergency” regarding the new Coronavirus variant.

 

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