As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 234 points or 0.38% to 61,963.68. The Nifty 50 index added 111 points or 0.61% to 18,314.40.

In the broader market, the S&P BSE Mid-Cap index jumped 0.73% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was negative. On the BSE, 1,775 shares rose and 1,837 shares fell. A total of 176 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.17% to 12.57.

RBI to withdraw Rs 2,000 notes:

The Reserve Bank of India (RBI) has decided to start withdrawing 2,000-rupee notes from circulation, citing clean note policy. The 2,000-rupee note will remain legal tender. People will be able to deposit the Rs 2,000 note at the bank, or exchange it for notes of smaller denominations up to Rs 20,000 at a time between May 23 and September 30. The Rs 2,000 note was introduced in November 2016, after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

Buzzing Index:

The Nifty Metal index jumped 3.19% to 5,797.50. The index gained 2.48% in two trading sessions.

Adani Enterprises (up 18.84%), Hindustan Copper (up 2.12%), Vedanta (up 2.04%), JSW Steel (up 1.39%), Welspun Corp (up 1.34%), APL Apollo Tubes (up 1.09%), National Aluminium Company (up 0.86%), Jindal Steel & Power (up 0.49%), Tata Steel (up 0.29%) and Jindal Stainless (up 0.23%) advanced.

On the other hand, NMDC (down 0.38%) and Steel Authority of India (down 0.12%) edged lower.

JSW Steel advanced 1.39%. The company's consolidated net profit rose to Rs 3741 crore in Q4 FY23 as against a net profit of Rs 3343 crore in Q4 FY22. Total income advanced to Rs 47427 crore in the quarter ended 31 March 2023 from Rs 47128 crore recorded in Q4 FY22.

Stocks in Spotlight:

NTPC gained 0.69%. NTPC recorded 1% rise in standalone net profit to Rs 5,672.32 crore on a 21.8% increase in total income to Rs 43,399.15 crore in Q4 FY23 as compared with Q4 FY22.

Power Grid Corporation of India rose 0.21%. The company has reported a net profit of Rs 4,320 crore for Q4 FY23 on a consolidated basis which is 4% increase over Q4 FY22. The total income on consolidated basis for Q4 FY23 rose by 13% to Rs 12,557 crore compared to Rs 11,068 crore for Q4 FY22.

Divi's Laboratories jumped 5.39%. The pharmaceutical company's net profit slumped 63.9% to Rs 318.79 crore on 23.52% decline in revenue from operations to Rs 1,908.17 crore in Q4 FY23 over Q4 FY22.

Zomato fell 2.54% after the online food delivery platform reported a consolidated net loss of Rs 188.2 crore in Q4 FY23, as against a net loss of Rs 359.7 crore posted in Q4 FY22. Revenue from operations surged 69.66% to Rs 2056 crore in quarter ended 31 March 2023 from Rs 1211.8 crore reported in Q4 FY22. Adjusted revenue grew 57% year on year to Rs 2,413 crore (33% YoY growth ex-quick commerce).

Bharat Electronics (BEL) rallied 3.13% to Rs 111.15 after the company's standalone net profit rose 19.6% to Rs 1,365.36 crore on 2% increase in revenue from operations to Rs 6,327.48 crore in Q4 FY23 over Q4 FY22.

Abbott India advanced 2.58% after the company's net profit jumped 9.5% to Rs 231.42 crore on 7% rise in net sales to Rs 1,343.08 crore in Q4 FY23 over Q4 FY22.

Bandhan Bank added 1.64%. The private lender's net profit tumbled 57.5% to Rs 808.29 crore in Q4 FY23 as against Rs 1,902.34 crore recorded in Q4 FY22. Total income rose marginally to Rs 4,897.39 crore in Q4 FY23 from Rs 4844.02 crore posted in Q4 FY22.

JK Lakshmi Cement (JKLC) slipped 7.09% after the company's net profit slumped 43.3% to Rs 97.32 crore in Q4 FY23 as against Rs 171.73 crore in Q4 FY22. However, revenue from operations rose 15.4% year on year to Rs 1,728.87 crore in the quarter ended 31 March 2023.

Balaji Amines shed 5.25% after the company said that Naveena Thammishetty Chandra, Kashinath Revappa Dhole, Satyanarayana Murthy Chavali, Amarender Reddy Minupuri and Vimala Behram Madon have resigned as independent directors of the company from the closing hours on 20 May 2023. The aforementioned former independent directors Balaji Amines have cited 'personal reasons' as the reason for their resignation.

Cochin Shipyard tumbled 10.20% after the company's consolidated net profit slumped 85.7% to Rs 39.34 crore in Q4 FY23 from Rs 274.62 crore recorded in Q4 FY22. Revenue from operations dropped 50.5% year on year to Rs 600.09 crore in the quarter ended 31 March 2023.

Global Markets:

European shares traded mixed while most of the Asian stocks closed higher on Monday after the Group of Seven summit in Hiroshima concluded and talks on the debt ceiling are slated to resume in the U.S. People's Bank of China left its 1-year and 5-year loan prime rates unchanged.

U.S. stocks finished lower Friday, weighed down by worries over the debt-ceiling deadline and concerns that more mergers involving regional banks may be needed.

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House. Treasury Secretary Janet Yellen has said the U.S. could default on its debt as early as June 1.

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