Stock market news: Indian benchmarks closed the trading week on a negative note dragged by financials, auto and information technology stocks.

The blue-chip S&P BSE Sensex ended 732.96 points, or 0.98 per cent, lower at 73,878.15, while the broader NSE Nifty 50 ended 191.55 points, or 0.85 per cent, lower at 22,456.65.

"Both Nifty & BankNifty witnessed the selling after opening on the positive note at ATH.  India Vix increasing & the highest OI build-up in the Call strikes at 22500 and above, for current week expiry, indicates limited upside in Nifty for the week. Nonetheless, the PCR at 0.64 in the oversold levels, shows there can be a dead cat bounce in the coming sessions.

BankNifty has the highest Call OI build-up at 49500 strikes, which shall remain the major resistance for the week. PCR at 0.64 in the oversold indicates some short covering likely in this week. A follow through move might come once Nifty gives this bounce," said Rahul Ghose Founder & CEO, Hedged.in

For the week, both benchmarks managed to notch gains of around 0.25 per cent, marking their second consecutive weekly increase.

Avinash Gorakshakar, Head of Research at Profitmart Securities, commented on the market dynamics, stating, "Markets are finding it difficult to rise significantly despite mostly positive quarterly results, as they have run up over the last six months on hopes of a return of ruling BJP (Bharatiya Janata Party) to power after national elections." He further added that the ongoing profit-booking activities and heightened volatility are expected to persist until the results of India's general election are announced, with any gains likely to be incremental.

In comparison to other Asian counterparts, Indian markets demonstrated a relatively weaker performance on the day.

The Nifty volatility index surged to a two-month high at the close of trading.

Among sectoral indices, high-weightage financial stocks outperformed, registering a gain of over 2 per cent. Non-bank lender Bajaj Finance BJFN particularly stood out, surging by 3 per cent after the central bank lifted a five-month ban on some of its lending products.

Conversely, IT stocks witnessed a decline of 2.25 per cent, with HCL Technologies experiencing an 8.5 per cent slump after the software services company failed to meet revenue estimates for the March quarter, emerging as the top loser on the Nifty 50 index for the week. The sector continues to grapple with the impact of expectations surrounding higher US interest rates, resulting in reduced client spending in the US, a key market.

Auto stocks, on the other hand, saw an uptick of approximately 2 per cent, buoyed by robust monthly sales figures from Mahindra & Mahindra and Bajaj Auto. Mahindra & Mahindra particularly stood out, registering a gain of about 7 per cent, emerging as the top percentage gainer on the Nifty 50.

Sensex top gainers

• Bajaj Finance: 0.75 per cent
• Bajaj Finserv: 0.69 per cent
• M&M: 0.21 per cent
• SBIN: 0.21 per cent
• ICICI Bank: 0.18 per cent
• Infosys: 0.11 per cent

Sensex top losers

• L&T: -2.74 per cent
• Maruti: -2.37 per cent
• Nestle Ind: -2.22 per cent
• Reliance: -2.17 per cent
• Bharti Airtel: -2.03 per cent

Nifty top gainers

• Coal India: 4.76 per cent
• Grasim: 1.54 per cent
• ONGC: 1.17 per cent
• Apollo Hospital: 0.93 per cent
• Hindalco: 0.72 per cent

Nifty top losers

• L&T: -2.76 per cent
• Maruti: -2.55 per cent
• Nestle Ind: -2.24 per cent
• Reliance: -2.12 per cent
• Bharti Airtel: -2.00 per cent