After opening the day on a negative note, Indian share markets trimmed all the losses as the session progressed and ended higher.

Benchmark indices staged a smart recovery in the second half even as negative sentiments kept hovering amidst signs of the economy slowing down, while quarterly earnings played their part in nudging the market.

At the closing bell on Friday, the BSE Sensex stood higher by 123 points (up 0.2%).

Meanwhile, the NSE Nifty closed up by 18 points.

HUL and M&M were among the top gainers today.

Hindalco and NTPC on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 18,393, down by 12 points, at the time of writing.

Broader markets ended on a positive note with both the BSE Midcap index down by 0.3% and the BSE Smallcap index ending flat.

Sectoral indices ended on a mixed note with stocks in the auto sector, and the banking sector witnessing most of the buying.

On the other hand, stocks from the metal sector and power sector witnessed selling pressure.

Shares of Tata Motors and ONGC hit their 52-week highs.

Asian stock markets ended on a mixed note. The Nikkei index ended 0.9% higher, while the Hang Seng ended 0.5% lower. The Shanghai Composite ended 1.1% lower.

The rupee is trading at 82.16 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.5% at Rs 60,594 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading lower by 1.6% at Rs 72,602 per kg.
 

HAL Q4 results

In news from the defense sector, Hindustan Aeronautics (HAL) on Friday reported an 8% YoY jump in revenue to Rs 124.9 billion (bn) for the March 2023 quarter.

Net profit for the quarter came in at Rs 28.3 bn, down 9% YoY from Rs 31.1 bn clocked in the same quarter last year.

On the operating front, the company reported EBITDA (earnings before interest, tax, depreciation, and amortization) of Rs 32.4 bn, higher by 29% YoY, against Rs 24.9 bn a year back.

Margins during the March quarter improved to 25.9% against 21.6% a year ago.

During the March quarter, the government came up with an OFS in HAL, which managed to sail through despite tough market conditions. The OFS comprised a base issue size of 1.75%, with an option to retain an over-subscription of an equal quantum.

Further, the board of directors, at its meeting held on 10 March 2023, declared a second interim dividend of Rs 20 per equity share.

HAL is among the top defense stocks in India having a monopoly in certain segments.

Speaking of the defense sector, note that the government's  Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.

We believe the defense sector could produce the next set of multibagger stocks over the long run.
 

Why Intellect Design's share price is rising

Moving on news from the IT sector, the share price of Intellect Design jumped over 9% today on the back of robust quarterly results.

For the financial year 2023, the company reported a 21% YoY rise in its revenue to Rs 224.5 bn, against Rs 18.5 bn reported in the corresponding period last year.

This is the first time the fintech company has crossed the Rs 2,000-crore revenue mark in a financial year.

Net profit for the year, however, declined 24% YoY to Rs 2.7 bn from Rs 3.5 bn reported in the same period last year.

While EBITDA (earnings before interest, taxes, depreciation, and amortization) came in flat at Rs 4.5 bn.

For the financial year 2023, the company's board recommended a final dividend of Rs 2.5 per share.

With its continuously improving finances, it stands among the 5 stocks that hold the highest positions in Mukul Agrawal's portfolio.
 

Why Zee Entertainment's share price is falling

Moving on to news from the media sector, Zee Entertainment shares fell 6% today as the proposed merger with Sony hit yet another obstacle.

As per reports, stock exchanges have told NCLT that the promoters of Essel Group's Shirpur Gold Refinery have allegedly redirected company assets to benefit themselves.

The notification followed instructions from the market regulator, which had passed down an interim order and show cause notice against the refiner and mentioned violations of other regulatory provisions.

Due to the market regulator's instruction in light of its order against the Essel Group entity, the exchanges may be required to reconsider their approval of the Sony-Zee merger.

The market regulator had earlier issued an interim order in April against Shirpur Gold Refinery, along with its former chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures, and five others for allegedly siphoning off funds from the company and violating other rules.

Zee Entertainment Enterprises is one of India's leading media and entertainment companies.

More By This Author:

Sensex Today Trades Lower; Zee Entertainment Sinks 5%
Sensex Today Ends Flat; Dr Reddy's Lab Tanks 7%
Sensex Today Trades Flat; Adani Enterprises Rallies 4%