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The domestic equity benchmarks ended with decent gains on Tuesday, rising for the fourth trading session. The Nifty managed to close above the 18,600 level after hitting the day's low of 18,575.50 in afternoon trade. The rally was driven by a number of factors, including buoyant FII inflows, encouraging Q4 results and expectations of a normal monsoon.

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. Both the indices advanced 1.9% in four sessions.

Bajaj Finserv (up 1.08%), Bajaj Finance (up 1.02%) and Infosys (up 0.65%) boosted the indices.

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 negative. On the BSE, 1,700 shares rose and 1,794 shares fell. A total of 120 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 2.33% to 12.01.

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.

Among the sectoral indices on the NSE, the Nifty Media index (up 0.68%), the Nifty FMCG index (up 0.59%) and the Nifty Private Bank index (up 0.58%) outperformed the Nifty50 index. Meanwhile, the Nifty Metal index (down 0.91%), the Nifty Auto index (down 0.29%) and the Nifty Consumer Durables index (down 0.26%) underperformed the Nifty50 index.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined to 7.015 from previous close of 7.024.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.71, compared with its close of 82.63 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement advanced 0.52% to Rs 59,726.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 104.07.

The United States 10-year bond yield fell 2.32% to 3.729.

In the commodities market, Brent crude for July 2023 settlement slipped $1.17 or 1.52% to $75.78 a barrel.

Global Markets:

Shares in Europe and Asia were mixed 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.

China has reportedly declined 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. This comes after 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.

U.S. 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.

Stocks in Spotlight:

Sun Pharmaceutical Industries fell 0.92%. 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 0.28%. 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.

Hikal zoomed 8.60% 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.

Force Motors hit an upper limit 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.

Eureka Forbes surged 13%. 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 9.26%. 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.

Jubilant Pharmova slumped 7.34% after the company reported consolidated net loss of Rs 97.84 crore in Q4 FY23 as against net profit of Rs 59.55 crore in Q4 FY22. Total revenue from operations rose 9.85% year on year to Rs 1,678 crore in the quarter ended 31 March 2023. EBITDA fell 8.2% to Rs 224 crore as compared to Rs 244 crore during the corresponding period of previous year. EBITDA margin slipped to 13.3% in Q4 FY23 as against 16% in Q4 FY22.

Meanwhile, Jubilant Pharmova's wholly owned subsidiary, Jubilant HollisterStier General Partnership (JHSGP) announced that USFDA has determined inspection classification of the facility as 'Official Action Indicated' (OAI) after the February 2023 audit of the Contract Manufacturing (CMO) facility at Montreal Canada. The company said it is engaging closely with the USFDA and is committed to address the observations within the stipulated time.

Techno Electric & Engineering Company slumped 6.78%. 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 6.40%. 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.

Campus Activewear slumped 7.57%. 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.