Sensex Takes A Sharp Dip Plunges Up To 500 Points, IT and Finance Sector Underperforms

The global markets remain under bearish sentiments; US markets are taking a sharp fall, and Asian markets remain negative. The Indian markets have shown a strong upside momentum in the previous trading session giving a breather to the bulls. However, the sharp sell-off in the market continues from the start of the new months.

The markets opened slightly negative and took a sharp fall to almost 1%, the most underperforming sectors are Bank, Metal, and Finance, and the outperforming sectors are Pharma and Public Sector Enterprises. The top gainers of the Nifty 50 index so far are ONGC (5.84%), CIPLA (1.96%), DIVIS LAB (1.87%), and the top losers of the market are HINDALCO (-2.52%), INDUSINDBNK (-2.09%), KOTAK BANK(-2.09%).

After the RBI monetary policy announcement, the banking sector gained the most. However, it plunged in the very next trading session. The benchmark indices are showing huge volatility in recent trading sessions. The volatility is expected to remain high as the fear of recession in the US and the global bearish continue.