"The aforesaid non-compliance on your part is viewed seriously. You are, hereby, warned and advised to be careful in the future, exercise due caution, and initiate corrective steps to avoid the recurrence of such lapses so as to ensure due compliance with the applicable provisions of SEBI LODR," the NSE stated.

PowerGrid Corp, NTPC, Tata Motors, Asian Paints, Titan, Bajaj Finserv, and Hindustan Unilever were the major gainers. On the other hand, UltraTech Cement, Sun Pharmaceuticals, Mahindra and Mahindra, Tata Consultancy Services, Adani Ports and Special Economic Zone, and Nestle India seemed to take a collective sigh, dragging their feet as the day's laggards.

Among the Sensex's top performers was Larsen and Toubro, which climbed 2.77% following news of significant new orders valued between Rs 2,500 crore to Rs 5,000 crore. UltraTech Cement also had a noteworthy day, rising 1.42% after announcing its acquisition of a 32.72% stake in India Cements for Rs 3,954 crore. Conversely, India Cements saw a decline of 0.65%.

The 30-share BSE Sensex plummeted by 617.30 points or 0.83 percent to settle at 73,885.60, hitting a day's low of 73,668.73 due to substantial selling in blue-chip stocks.

Among the Nifty 50, major gainers included HDFC Bank, Bharti Airtel, L&T, BPCL, and UltraTech Cement. The laggards were Adani Ports, Tech Mahindra, Mahindra & Mahindra, JSW Steel, and Titan.

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.

The fear looms that a weakened performance by the BJP could disrupt the continuity of economic reforms and policy initiatives, unsettling the markets. Speculation regarding the electoral ramifications of low voter turnout has been a driving force behind market sentiments, as initial reports indicate a decline compared to previous elections.

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.

Market participants are strategically focusing on quality mid and smallcap stocks, particularly those associated with government-backed sectors such as railways, defense, construction, rural development, and solar panels.

Several heavyweight stocks contributed to the downward trajectory of Sensex, with Bajaj twins, IndusInd Bank, Nestle, Kotak Bank, M&M, and JSW Steel emerging as the top losers. Among the 30 Sensex stocks, 22 ended the day in the red. Conversely, Tech Mahindra, Wipro, ITC, Ultratech Cement, Titan, and Axis Bank managed to buck the trend, recording gains of up to 7.34 percent.

Several key stocks contributed to the rally, with Bharti Airtel, Titan Company, HCL Technologies, Mahindra & Mahindra, Bajaj Finserv, and Tata Motors emerging as major gainers. However, Power Grid, Larsen & Toubro, JSW Steel, and Axis Bank experienced some downward pressure.

In global markets, positive trends were observed in Seoul, Tokyo, and Hong Kong, while Shanghai closed lower. European markets were also trading with gains, following a mixed performance on Wall Street last Friday.