The key equity indices ended with strong gains on Friday, tracking positive global cues. The Nifty closed above the 16,350 mark. IT, banks, financials and auto stocks advanced. Oil & gas shares tumbled amid reports of possible levy of windfall tax by the government.

The barometer index, the S&P BSE Sensex, advanced 632.13 points or 1.17% to 54,884.66. The Nifty 50 index added 182.30 points or 1.13% to 16,352.45.

Tech Mahindra (up 4.10%), Indusind Bank (up 3.23%), Wipro (up 2.98%), Bajaj Finance (up 2.98%) and Mahindra & Mahindra (up 2.67%) were major index movers.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.69% while the S&P BSE Small-Cap index gained 1.20%.

The market breadth was strong. On the BSE, 2,215 shares rose and 1,109 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 5.44% to 21.48.

The most recent minutes of the Fed's meeting calmed fears of the American central bank turning more hawkish and thereby, contracting worries of aggressive rate-tightening policy by the US Fed. The minutes of Fed's May meeting released on Wednesday confirmed two more 50-basis point hikes each in June and July, but policymakers also suggested the potential for a pause later in the year.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.350% as compared with 7.294% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 77.59, compared with its close of 77.61 during the previous trading session.

MCX Gold futures for 3 June 2022 settlement rose 0.19% to Rs 50,970.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, decreased 0.02% to 101.81.

In the commodities market, Brent crude for July 2022 settlement fell 13 cents or 0.11% at $ 117.27 a barrel. The contract rose $3.37 or 2.96% to settle at $ 117.4 a barrel during the previous trading session.

Foreign Markets:

Shares in Europe and Asia advanced across the board on Friday, as fears of monetary policy tightening subsided slightly.

Chinese authorities held an unprecedented nationwide meeting via teleconference on Wednesday in a bid to bolster an economy battered by Covid, with Premier Li Keqiang warning of difficulties “even greater than the severe shock of the pandemic in 2020.”

Wall Street closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood.

On the data front, revised figures showed the world's biggest economy contracted at an annualised rate of 1.5% in the first quarter, slightly worse than the previous estimate of 1.4%.

The number of Americans filing new claims for unemployment benefits fell last week. Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said on Thursday.

New Listing:

Shares of Paradeep Phosphates closed at Rs 43.95, at a premium of 4.64% compared with the issue price of Rs 42.

The scrip was listed at Rs 43.55, representing a premium of 3.69% to the initial public offer (IPO) price. The scrip hit a high of Rs 47.25 and a low of Rs 42.95 during the day. Over 77.31 lakh shares changed hands in the counter.

The IPO of Paradeep Phosphates was subscribed 1.75 times. The issue opened for bidding on 17 May 2022 and it closed on 19 May 202). The price band of the IPO was fixed at Rs 39-42 per share.

Buzzing Index:

The Nifty Oil & Gas index fell 1% to 7,686.20. The index rose 0.69% in the previous session.

The media reported that India is considering a so-called windfall tax on oil and gas producers (state-owned as well as private). The tax, which may be levied when oil prices, for instance, cross a certain level, will boost the government's finances, and help fund efforts to protect vulnerable sections from rampant inflation, the reports added.

Oil India (down 3.84%), Hindustan Petroleum Corporation (down 1.92%), Petronet LNG (down 1.55%), Gujarat State Petronet (down 1.38%), Mahanagar Gas (down 0.98%), Bharat Petroleum Corporation (down 0.51%) and Reliance Industries (down 0.46%) declined.

Meanwhile, Gujarat Gas (up 2.46%), Adani Total Gas (up 2.33%) and Castrol India (up 2.03%) advanced.

GAIL (India) tumbled 5.29%. The company reported 38.91% rise in consolidated net profit to Rs 3,454.24 crore on a 73.44% surge in net sales to Rs 27295.24 crore in Q4 FY22 over Q4 FY21.

ONGC dropped 5.53%. The state-run oil major said it has drawn up a comprehensive roadmap to further intensify its exploration campaign, allocating a capital expenditure of about Rs 31,000 crore in the next three fiscal years during FY 2022-25. This is 150% of its exploration expenditure of Rs 20,670 crore in the last three fiscals during FY 2019-22, it said in a statement on Thursday.

Stocks in Spotlight:

Banco Products (India) hit an upper circut limit of 20% at Rs 151.70 after the company's consolidated net profit surged 118.54% to Rs 40.19 crore on 13.87% rise in net sales to Rs 499 crore in Q4 March 2022 over Q4 March 2021.

The board of Banco Products (India) recommend a dividend of Rs 20 per equity share for the financial year ended on 31 March 2022. The stock offers a dividend yield of 13.18% on the ruling market price.

Hindalco Industries advanced 0.34%. The company's consolidated net profit surged to Rs 3851 crore in Q4 March 2022 from Rs 1928 crore in Q4 March 2021. Revenue from operations rose to Rs 55764 crore from Rs 40507 crore.

Piramal Enterprises slumped 11.37%. The company reported a consolidated net profit of Rs 151 crore in Q4 March 2022 compared with net loss of Rs 510 crore in Q4 March 2021. On a consolidated basis, total income rose 23% year-on-year to Rs 4,401 crore in Q4 March 2022.

Delhivery jumped 7.07%. The company has been awarded a US Patent, which covers Delhivery's innovation in address verification and location mapping - 'System and method for validating geographic location accuracy for an address.'

Zee Entertainment Enterprises rose 3.37%. The company's consolidated net profit dropped 34% to Rs 1819 crore in Q4 March 2022 from Rs 2758 crore in Q4 March 2021. Operating revenue rose 18.2% to Rs 23229 crore from Rs 19658 crore.

Muthoot Finance declined 3.58%. The company's consolidated net profit fell to Rs 1,006.2 crore in Q4 March 2022 from Rs 1,023.7 crore in Q4 March 2021. Total income fell to Rs 3,041.1 crore from Rs 3,118.9 crore.

Berger Paints India rose 1.33%. The company's consolidated net profit rose 5.6% to Rs 220.29 crore in Q4 March 2022 from Rs 208.60 crore in Q4 March 2021. Revenue from operations rose 7.97% to Rs 2187.51 crore from Rs 2026.09 crore.

Antony Waste Handling Cell hit an upper circuit limit of 20% at Rs 290.60 after the company said its subsidiary secured two contracts worth about Rs 124 crore from Nashik City Municipal Corporation for concession period of 5 years.

Meanwhile, Antony Waste Handling Cell announced its Q4 March 2022 results on Thursday. On a consolidated basis, the company's net profit jumped 63% to Rs 25.5 crore on 22% increase in total operating revenue to Rs 146.4 crore in Q4 March 2022 over Q4 March 2021.

Jindal Poly Films hit an upper circuit of 20% to Rs 1,088.60 after the company reported 113.5% jump in consolidated net profit to Rs 492.03 crore from Rs 230.48 crore in Q4 FY22 over Q4 FY21. Revenue from operations jumped 49.52% year on year to Rs 1,720.92 crore in the quarter ended 31 March 2022. The board recommended a dividend of Rs 5 per equity share for the financial year ended 31 March 2022.

Bharat Rasayan gained 4.71% after the company reported a 38% rise in consolidated net profit to Rs 64.55 crore in Q4 FY22 from Rs 46.79 crore in Q4 FY21. Net sales jumped 64.8% year on year to Rs 444.78 crore in Q4 FY22 from Rs 269.81 crore posted in Q4 FY21.

Powered by Capital Market - Live News