As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 118.57 points or 0.19% at 62,547.11. The Nifty 50 index gained 46.35 points or 0.25% at 18,534.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2170 shares rose and 1374 shares fell. A total of 131 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 4.07% to 11.13.

Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline.

The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election.

Buzzing Index:

The Nifty Realty index advanced 1.33% to 490.45. The index jumped 3.21 % three trading sessions.

Indiabulls Real Estate (up 4.69%), DLF (up 2.43%), Sobha (up 1.85%), Oberoi Realty (up 1.83%), Godrej Properties (up 1.75%), Mahindra Lifespace Developers (up 1.65%), Prestige Estates Projects (up 0.39%) and Phoenix Mills (up 0.12%)

On the other hand, Brigade Enterprises (down 0.71%), Macrotech Developers (down 0.08%) declined.

Stocks in Spotlight:

Tata Motors rose 0.07% after the sales in the domestic & international market for May 2023 stood at 74,973 vehicles, compared to 76,210 units during May 2022.

TVS Motor Company gained 2.75% after the company registered a sales growth of 9% increasing from 302,982 units in May 2022 to 330,609 units in May 2023.

Adani Ports and Special Economic Zone added 0.71% after the company announced that it handled 36 million metric tones (MMT) of total cargo in May 2023, implying a YoY growth of 19%.

Eicher Motors fell 0.42%. The company's total motorcycles (Royal Enfield) sales jumped 22% to 77,461 units in May 2023 from 63,643 units sold in May 2022.

Hero MotoCorp rallied 3.25% after the company sold 519,474 units in May 2023, a growth of 7% over the corresponding month of May 2022, when the company had sold 486,704 units.

Aditya Birla Capital (ABCL) rose 0.38%. ABCL announced that its board of directors approved preferential issuance of Rs 1,250 crore to its Promoter and Promoter Group entity, out of the total approved equity fund raise of upto Rs. 3,000 crore. The preferential issuance will be undertaken at the price of Rs. 165.1 per equity share.

Bank of Baroda jumped 0.97% after the bank's board of directors, at their meeting held today, approved a proposal to raise additional capital aggregating to Rs 5,000 crore in suitable tranches.

Aster DM Healthcare rose 0.20% after the company has entered into Hospital Operation and Management Agreement with Padmavathy Medical Foundation (PMF). PMF is a 130-bed tertiary super specialty hospital situated in Sasthamkotta, Kollam District, Kerala.

DCB Bank jumped1.38% after the bank said that its board has formed a search committee to identify a successor to the current managing director & CEO, Murali Natrajan, whose term ends on 28 April 2024.

Global Markets:

European and Asian stocks advanced across the board on Friday after the US Senate approved the bill to raise the national debt limit through 2024, thereby fending off a first-ever default by the US on its debt obligations.

The US Senate has passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Biden's desk .

No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,? Biden said in a statement after the vote.

In a statement after the Senate vote, Moody's said the resolution to the debt ceiling crisis was in line with its expectation and indicated that it was not considering a downgrade of U.S. debt.

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.

US stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default, with the measure moving to the Senate.

Comments from US Fed officials signaled that the Fed is likely to keep the interest rates steady, with Philadelphia Federal Reserve President Patrick Harker saying US central bankers should not raise interest rates at their next meeting.

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