The benchmark stock indices ended the day on a downward trend, with heightened volatility contributing to a notable slump.
The S&P BSE Sensex dropped by 609.28 points to close at 73,730.16, while the NSE Nifty50 also saw a decline of 150.40 points, ending at 22,419.95.
This marked the conclusion of a five-day winning streak for both indices. Despite this setback, they managed to achieve gains of approximately 1% and 1.25%, respectively, for the week.
Tech Mahindra, an IT services company, emerged as the top gainer, with its shares rising by 7.55% to trade at Rs 1280.15. The surge followed CEO Mohit Joshi's announcement of a three-year turnaround plan, despite reported declines in net profit and revenue for the fourth quarter.
Axis Bank witnessed a significant increase of 9.83% for the week, its most substantial performance since October 2022, after exceeding profit expectations in the March quarter.
Additionally, Divi's Laboratories recorded a weekly gain of 9.39% following its announcement of capacity expansion at a manufacturing facility, with an estimated investment of 6.5-7 billion rupees.
However, Kotak Mahindra Bank endured its worst week in nearly four years, witnessing a decline of 10.27%, after the Reserve Bank of India (RBI) imposed restrictions preventing the private lender from acquiring new digital clients and issuing credit cards.
Similarly, Bajaj Finance experienced a decrease of 7.73% this week due to projections of slower asset growth and weaker margins, positioning it as one of the top losers on the Nifty50.
Overall, today's market movement reflects heightened volatility, with certain sectors witnessing notable gains while others face challenges attributed to regulatory restrictions and business performance concerns.
