Equity indices Sensex and Nifty fell nearly 1% on Thursday after the RBI held the policy rate steady for the ninth consecutive time, citing persistent food inflation. Sensex dropped 581.79 points to 78,886.22, while Nifty declined 180.50 points to 24,117.

Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses.

Equity indices Sensex and Nifty closed lower in volatile trading as investors took profits ahead of Lok Sabha poll results, with Sensex down 0.29% at 75,170.45 and Nifty dropping 0.19% to 22,888.15.

Global trends and the trading activity of foreign investors will be significant in shaping investor sentiment. Benchmark indices, which saw a record-breaking rally last week, will also be influenced by global oil benchmark Brent crude and the rupee-dollar trend. The monthly derivatives expiry on Thursday is likely to add to the market volatility.

Among the top gainers on the NSE were Hindustan Unilever, Britannia, Tata Consumers, Coal India, and Reliance. However, some major losers included BPCL, Hero Motocorp, Hindalco, Apollo Hospitals, and Sun Pharma.

The closure is in line with the BSE market holiday calendar, which aligns with the Lok Sabha polls in Mumbai. As a result, all trading activities across the equity, derivative, and SLB segments will remain suspended for the day.

Analysts have attributed the pressure on the markets to persistent selling by Foreign Institutional Investors (FIIs) and elevated levels of India VIX, the volatility index. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial, expressed his anticipation of the market consolidating within a broader range as election polling progresses and the results season approaches its conclusion.

Kotak Mahindra Bank spearheaded the charge, witnessing a remarkable 4 percent surge following the announcement of its March quarter results. The bank reported a significant 25 percent growth in net profit, reaching Rs 5,302 crore.

The bullish momentum was predominantly steered by robust gains in finance and technology stocks, setting a positive tone ahead of the Reserve Bank of India's (RBI) much-awaited repo rate announcement scheduled for the following day.

Among the constituents of the Sensex, 28 stocks were trading positively, with HDFC Bank, NTPC, PowerGrid, Tata Steel, and Axis Bank leading the gains, while IndusInd Bank and ICICI Bank were the sole decliners. On the NSE Nifty, 46 shares were in the positive territory.

Among the Sensex constituents, 22 stocks trended downwards, with Bharti Airtel, Nestle India, Sun Pharma, and IndusInd Bank being the prominent decliners. Conversely, Ultratech Cement, Tech Mahindra, Axis Bank, and Tata Steel managed to sustain positive momentum.