The domestic equity benchmarks ended with limited gains after a volatile session on Tuesday. The Nifty managed to close above the 18,600 level after hitting day's low of 18,575.50. FMCG, financials and private bank shares advanced while metals, auto and oil & gas stocks edged lower.

As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 122.75 points or 0.20% to 62,969.13. The Nifty 50 index added 35.20 points or 0.19% to 18,633.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index gained 0.22%.

The market breadth was almost even. On the BSE, 1,706 shares rose and 1,791 shares fell. A total of 117 shares were unchanged.

Despite the lesser likelihood of a U.S. debt default, investors remained weary as a recession in the world's largest economy this year, combined with escalating tensions with China, could severely limit capital flows into regional markets.

Buzzing Index:

The Nifty Metal index fell 0.83% to 5,941.65. The index had risen 2.32% in the past three sessions.

Vedanta (down 4.98%), Jindal Stainless (down 2.77%), National Aluminium Company (down 2.15%), APL Apollo Tubes (down 1.69%) and Jindal Steel & Power (down 1.61%) were the top losers.

Among the other losers were Hindalco Industries (down 1.6%), Steel Authority of India (down 1.42%), Tata Steel (down 1.24%), Adani Enterprises (down 0.95%) and Ratnamani Metals & Tubes (down 0.44%).

On the other hand, Hindustan Copper (up 1.93%) ,NMDC (up 0.37%) and JSW Steel (up 0.36%) edged higher.

Stocks in Spotlight:

Adani Transmission fell 2.69%. The power transmission company's consolidated net profit surged 85% to Rs 440 crore on 17% rise in revenue to Rs 3,031 crore in Q4 FY23 over Q4 FY22.

Sun Pharmaceutical Industries fell 0.76%. The company said that it has entered into a licensing agreement with Philogen S.p.A for commercializing Philogen's specialty product, Nidlegy (Daromun) in the territories of Europe, Australia and New Zealand.

IRCTC lost 0.40%. On standalone basis, the company's net profit rose to Rs 278.79 crore in Q4 FY23 as against net profit of Rs 213.78 crore posted in Q4 FY22. Total income rose to Rs 1004.28 crore in the quarter ended 31 March 2023 from Rs 716.79 crore recorded in Q4 FY22.

Sobha added 1.67%. The company reported consolidated net profit of Rs 47.1 crore in Q4 FY23 as against a net profit of Rs 15.2 crore in Q4 FY22. Total income rose to Rs 1240.1 crore in the quarter ended 31 March 2023 from Rs 743.8 crore recorded in Q4 FY22.

Torrent Power advanced 2.12%. The company reported consolidated net profit of Rs 483.93 crore in Q4 FY23 as against a net loss of Rs 487.37 crore in Q4 FY22. Total income rose to Rs 6133.70 crore in the quarter ended 31 March 2023 from Rs 3840.59 crore recorded in Q4 FY22.

Jubilant Pharmova slumped 7.14%. The company reported consolidated net loss of Rs 101 crore in Q4 FY23 as against a net profit of Rs 59 crore in Q4 FY22. Total income rose to Rs 1678 crore in the quarter ended 31 March 2023 from Rs 1528 crore recorded in Q4 FY22.

Hikal zoomed 8.76% after the company's consolidated net profit soared 74% to Rs 36 crore on 7.4% increase in net sales to Rs 537.90 crore in Q4 March 2023 over Q4 March 2022.

NHPC gained 1.61%. The power generation company reported 37.73% jump in consolidated net profit to Rs 643.40 crore in Q4 FY23 from Rs 467.15 crore recorded in Q4 FY22. Revenue from operations grew by 21.17% year on year to Rs 2028.77 crore in the quarter ended 31 March 2023.

Techno Electric & Engineering Company slumped 7.41%. The company reported consolidated net profit of Rs 56.77 crore in Q4 FY23 as against a net profit of Rs 37.22 crore in Q4 FY22. Total income rose to Rs 335.64 crore in the quarter ended 31 March 2023 from Rs 311.91 crore recorded in Q4 FY22.

Shriram Properties tumbled 6.72%. The company's consolidated net profit tumbled 76.51% to Rs 15.23 crore on 42.53% decline in revenue from operations to Rs 117.85 crore in Q4 FY23 over Q4 FY22.

Force Motors was locked in an upper circuit of 20%. The company reported consolidated net profit of Rs 146.59 crore in Q4 FY23 as compared with net loss of Rs 42.79 crore in Q4 FY22. Revenue from operations jumped 69.01% to Rs 1,490.25 crore in Q4 FY23 as compared with Rs 881.47 crore in Q4 FY22.

Inox Wind rose 1.12%. The company has bagged an order for a 150MW wind power project from NTPC Renewable Energy. As part of the order, Inox Wind will supply and install existing and new technology wind turbine generators.

Campus Activewear slumped 8.04%. The company's net profit fell marginally to Rs 22.95 crore in Q4 FY23 as against Rs 22.96 crore reported in Q4 FY22. Revenue from operations in Q4 FY23 was at Rs 347.75 crore, down 1.3% from Rs 352.34 crore posted in Q4 FY22.

Eureka Forbes surged 13.44%. The company reported 98% jump in net profit to Rs 16.28 crore in Q4 FY23 from Rs 4.82 crore posted in Q4 FY22. Revenue from operations stood at Rs 508.1 crore in the quarter ended 31 March 2023, registering a decline of 8% on YoY basis, owing to weak market conditions.

ISGEC Heavy Engineering zoomed 9.31%. The company's consolidated net profit jumped 128.83% to Rs 86.13 crore in Q4 FY23 as compared with Rs 37.64 crore in Q4 FY22. Revenue from operations increased 27.98% year on year to Rs 2,042.74 crore in quarter ended 31 March 2023.

Global markets:

European shares traded mixed while Asian markets traded mostly higher on Tuesday as optimism over a deal to raise the U.S. debt ceiling was offset by fears of worsening ties between Beijing and Washington, amid renewed sparring between the two over trade and political sanctions.

As per reports, China declined to a request for a meeting between U.S. defense secretary Lloyd Austin and Chinese defense minister Li Shangfu at a forum in Singapore later this week.

The move comes as relations between the two countries stew at their worst level in decades, after the shooting down of an alleged Chinese spy balloon over U.S. airspace earlier this year.

China recently blocked local sales of U.S. chipmaker Micron Technology Inc, an apparent response to strict curbs on semiconductor sales to certain Chinese entities placed by the U.S. and its allies earlier this year.

Worsening ties between the two countries also come amid waning optimism over a Chinese economic recovery this year, with focus now chiefly on manufacturing and service sector activity readings for May, due on Wednesday.

US markets were closed on Monday on the occasion of Memorial Day.

President Joe Biden and House Speaker Leader Kevin McCarthy reached a deal over the weekend to raise the United States' $31.4 trillion debt ceiling and avert a debt default.

The US Congress is likely to vote on the legislation on Wednesday, but some of the Republican lawmakers are said to oppose the bill, signaling that its passage would not be easy before the US runs out of money.

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