Infosys also was under pressure and analysts now remain worried for the stock after another high level exit at the company. Senior vice-president Chandrashekar Kakal resigned from the company for reasons that were were not known.
Kakal was one of the top contenders for assuming the post of CEO after Shibulal, before the promotions of BG Srinivas and Pravin Rao as the presidents of the company.
TCS and Infosys are likely to post muted growth for Q4 and stocks of the company may continue to come under pressure.
This week metal stocks were the clear winners and each time some encouraging data from China emerges, these stocks get ignited. Hindalco has now already given substantial returns this year. However, as we write the Business Standard has reported that Moody's has warned Novelis of a rating downgrade. Novelis is a Hindalco subsidiary.
Reports suggest that delivery volumes have hit a year high on the exchanges. In the past six months, average delivery volumes surged about 400 basis points, compared with 40.8 per cent in August 2013, the Business Standard has reported.
All this clearly hints at a buying frenzy in equities ahead of the Union Elections in anticipation of a steady government headed by BJP's Prime Ministerial Candidate Narendra Modi.
As we head into the next week caution will prevail ahead of the March F&O series expiry and the RBI policy on April 1.
Next week there are not many cues and global events would continue to be eagerly watched. As we head into April and closer to the results season and elections, expect immense volatility. If you are caught wrong-footed, chances are you could lose heavily because the markets will remain extremely volatile.