Benchmark stock indices ended the day lower, as volatility increased, resulting in a slump.
The S&P BSE Sensex fell by 609.28 points to end at 73,730.16, while the NSE Nifty50 also declined 150.40 points to reach 22,419.95.
This marked the end of a five-day winning streak for both indices. Despite this setback, Sensex and Nifty50 managed to record gains of about 1% and 1.25%, respectively, for the week.
IT services company Tech Mahindra shares were the top gainers as it ended the day up by 7.55%, trading at Rs 1280.15.
It surged 10% in early trade following 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 also saw a notable surge of 9.83% for the week, its best performance since October 2022, after surpassing profit expectations in the March quarter.
Meanwhile, 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.
Kotak Mahindra Bank experienced its worst week in nearly four years, plummeting by 10.27%, after the Reserve Bank of India (RBI) imposed restrictions barring the private lender from acquiring new digital clients and issuing credit cards.
Similarly, Bajaj Finance saw a decline of 7.73% this week due to forecasts of slower asset growth and weaker margins, making it one of the top losers on the Nifty50.
Overall, today’s market movement reflects increased volatility, with certain sectors experiencing notable gains while others face challenges due to regulatory and business performance factors.
