Stock Market Update: Sensex, Nifty Slip but End Week with Gains

The Indian benchmark indexes, the Sensex and Nifty, closed lower on Friday, primarily dragged down by financial stocks. However, these losses did not offset the gains made earlier in the week, driven by a post-results rally in key index constituents and reduced concerns over the Middle East situation. The Nifty 50 fell by 0.67% to 22,419.95, while the Sensex dropped by 0.82% to 73,730.16, breaking a five-day winning streak. For the week, the Nifty 50 and Sensex posted gains of about 1.25% and 1%, respectively.

Axis Bank was the top weekly gainer on the Nifty 50, surging 9.83%, followed by Divi's Laboratories, which gained 9.39%, and Tech Mahindra, up by 7.13% for the week. On the flip side, Kotak Mahindra Bank had its worst week in nearly four years, tumbling by 10.27% after being barred by the RBI from taking new digital clients and issuing credit cards. Bajaj Finance also dropped by 7.73% for the week, forecasting slower asset growth and weaker margins.

Maruti Suzuki India reported consolidated net profit for quarter ended March 2024 at ₹3,952.3 crore as against ₹2,687.7 crore in March 2023 quarter. Stock closed at ₹12,760 on the NISE, down by 1.26%.

Force Motors reported net profit for the quarter ended March 2024 at ₹140.29 crore as against ₹146.62 crore in March 2023 quarter. Stock closed flat ₹9,870 on the NSE.

The board of Atul Ltd has recommended a dividend of ₹20 per share. Atul Ltd reported its consolidated net profit for the quarter ended March 2023 at ₹58.79 crore as against ₹92.21 crore in the March 2024 quarter. Stock trades at ₹5,976.30 on the NSE, up 1.73%.

Shriram Finance board has approved acquisition of 100% equity stake in Shriram Overseas Investments Private Limited (SOIPL) from Shriram Investments Holdings Private Limited. The company