Markets slip as Sensex falls 491.80 points and volatility spikes
Business
Monday wasn't great for the stock market: the Sensex was down 491.80 points at 76,023.63, and the Nifty 50 was down 142.55 points at 23,755.35.
Both started off strong but slipped through the day, with even broader indexes like the Nifty 100 and the Nifty 200 also in the red.
Volatility spiked too, showing investors were feeling pretty cautious.
Nifty IT plunges 2.74%
IT stocks took the biggest hit: the Nifty IT plunged 2.74% after strong US jobs data raised fears of a possible Federal Reserve rate hike in September.
That's bad news for Indian tech giants like Infosys and HCL Tech, who are already dealing with weak discretionary budgets and slower deal cycles.
All this piled extra pressure on their shares and dragged the whole market down further.