Equity markets experienced another volatile week, with both benchmark indices ending in the negative zone for the second consecutive week. The BSE Sensex saw a decline of 760 points, dropping to 76,619, and the Nifty 50 ended the week at 23,203 after touching a low of 23,047. Volatility was evident as the bulls attempted to defend the crucial 23,000-mark on the Nifty.
IT stocks were significant draggers, as Q3 results caused a downturn. HCL Technologies faced a sharp fall of over 10%, while Infosys dropped by nearly 8%, and Wipro lost 6%. TCS and Tech Mahindra were also in the red, shedding around 3% each. Other major decliners included Mahindra & Mahindra, Trent, Axis Bank, Hindustan Unilever, Dr. Reddy’s Labs, and Apollo Hospitals, all losing between 3% and 6%.
However, some stocks managed to buck the trend. Hindalco led the pack with a strong rally of over 7%. NTPC, HDFC Life, Coal India, Reliance Industries, Adani Ports, Maruti Suzuki, SBI Life Insurance, and Bharat Electronics all posted gains in the range of 4% to 6%, offering some support to the broader market.
With the Nifty defending the 23,000-mark and market participants closely watching these key levels, there is speculation whether Sensex will see a relief rally or extend its fall in the upcoming week.
