Domestic equity benchmarks ended with modest gains after a volatile session on Friday, snapping a three-day losing streak. The Nifty closed above the 18,200 level after hitting the day's low of 18,060.40 in mid-morning trade. IT, realty and auto stocks were in demand. On the other hand, pharma, healthcare and consumer durables shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 297.94 points or 0.48% to 61,729.68. The Nifty 50 index gained 73.45 points or 0.41% to 18,203.40. Both the indices had dropped 1.5% in the past three trading sessions.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index fell 0.16%.

The market breadth was negative. On the BSE, 1,634 shares rose and 1,812 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.84% to 12.30.

Politics:

The swearing-in ceremony of the new Karnataka chief minister Siddaramaiah and deputy chief minister DK Shivakumar will be held on May 20. In the May 10 elections to the 224-member Karnataka Assembly, the Congress scored an emphatic victory by bagging 135 seats while the ruling BJP and Janata Dal (Secular) secured 66 and 19 seats, respectively.

New Listing:

Shares of Nexus Select Trust closed at Rs 104.26, representing a premium of 4.26% compared with the issue price of Rs 100.

The scrip was listed at a price of Rs 102.27, at a premium of 2.27% as compared to the issue price.

So far, the stock has hit a high of 104.90 and a low of 102.27. On the BSE, over 8.36 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index rose 1.47% to 28,303.65. The index declined 1.15% in the past two trading sessions.

Persistent Systems (up 2.96%), Tech Mahindra (up 2.26%), Mphasis (up 2.18%), Infosys (up 1.89%), LTI Mindtree (up 1.87%), Coforge (up 1.54%), HCL Technologies (up 1.41%), Wipro (up 0.88%), Tata Consultancy Services (up 0.7%) rallied.

Earnings Impact:

InterGlobe Aviation (IndiGo) skid 0.03%. IndiGo reported a consolidated net profit of Rs 919.20 crore in Q4 FY23 as against a net loss of Rs 1,681.79 crore in Q4 FY22. Revenue from operations surged 76.55% to Rs 14,160.60 crore in the quarter ended 31 March 2023 from Rs 8,020.74 crore recorded in Q4 FY22.

Bata India added 0.37% after the company reported 4.2% rise in consolidated net profit to Rs 65.62 crore in Q4 FY23 from Rs 62.96 crore in Q4 FY22. The footwear maker's revenue from operations for the quarter increased by 17% YoY to Rs 778.58 crore.

United Spirits gained 2.63% after the spirits maker's standalone net profit increased 7.3% to Rs 204 crore in Q4 FY23 as against Rs 190.10 crore posted in Q4 FY22. Net sales fell marginally on a year on year basis to Rs 2,493.80 crore in the quarter ended 31 March 2023.

Tata Elxsi shed 0.19%. The company reported 25.9% rise in consolidated net profit to Rs 201.5 crore on 22.9% rise in revenue to Rs 837.9 crore in the quarter ended 31 March 2023 over the quarter ended 31 March 2022.

PNB Housing Finance slipped 2.60%. The housing finance company posted 64.7% surge in consolidated net profit to Rs 279.28 crore in Q4 FY23 as against Rs 169.54 crore in Q4 FY22. Total income rose 14.9% to Rs 1,637.72 crore in the fourth quarter from Rs 1,425.83 crore in the corresponding year last year.

Gland Pharma was locked in a lower circuit of 20% after the company reported 72% drop in net profit to Rs 78.7 crore in Q4 FY23 from Rs 285.9 crore in Q4 FY22. Revenue from operations fell by 29% YoY to Rs 785 crore during the quarter. The decline in revenue was on account of a production line shut down in Q4FY23 in Pashamylaram Penems facility due to line upgradation and reduced business from domestic B2C division during the year as compared to previous year.

Alkem Laboratories declined 1.39%. The pharmaceutical company's consolidated net profit tumbled 34.02% to Rs 70.98 crore despite of 16.86% increase in revenue from operations to Rs 2,902.6 crore in Q4 FY23 over Q4 FY22. During the quarter, India sales were at Rs 2,011.3 crore (up 17% YoY) while International sales stood at Rs 857 crore (up 15.6% YoY).

G R Infraprojects rose 1.65% after the company's net profit jumped 40.9% to Rs 389.68 crore on 2.7% rise in revenue from operations to Rs 2,461.96 crore in Q4 FY23 over Q4 FY22.

Rites tumbled 5.51% after the company's net profit fell 3.5% to Rs 132.01 crore in Q4 FY23 on 10.3% decline in net sales to Rs 686.81 crore in Q4 FY23 over Q4 FY22.

Gulf Oil Lubricants India rallied 4.28%. The compnay reported 1.92% fall in net profit to Rs 62.17 crore despite a 23.94% rise in net revenue to Rs 792.05 crore in Q4 FY23 over Q4 FY22.

Hindustan Construction Company (HCC) surged 9.23% after the company's consolidated net profit surged to Rs 189.84 crore in Q4 FY23 from Rs 15.92 crore in Q4 FY22. Revenue from operations rose 5.94% to Rs 3,094.09 crore in Q4 FY23 as compared with Rs 2,920.60 crore in Q4 FY22.

Uno Minda dropped 5.05%. The company's consolidated net profit rose 26.5% to Rs 182.65 crore on 19.6% increase in revenue from operation to Rs 2,888.97 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Friday as U.S. debt ceiling talks boost investor sentiment.

Traders will be keeping an eye on the Group of Seven summit in Hiroshima, which starts Friday, where world leaders are expected to discuss international trade and security. China and Russia relations and sanctions are on the agenda for discussions between Canada, France, Germany, Italy, Japan, the United Kingdom and United States.

Meanwhile, Japan's core inflation nationwide rose 3.4% year-on-year in April. The reading ticked up higher from the previous month's inflation rate of 3.1% and marked levels above the central bank's target of 2%. Overall inflation also ticked up from 3.2% in March to 3.5% in April.

The United States and Taiwan reached an agreement on a number of trade items, marking a deal on the first part of the bilateral ?21st Century Trade? initiative.

US trade representative Katherine Tai said of the agreement, ?This accomplishment represents an important step forward in strengthening the U.S.-Taiwan economic relationship.?

US stocks closed higher for a second straight day on Thursday on mounting optimism that a US debt ceiling deal could be reached within days, with discount retailer Walmart Inc providing additional support after an upbeat annual sales forecast.

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