Indian benchmark indices snapped a volatile trading session on a flat note as gains in energy stocks following a recovery in crude oil prices, were offset by disappointing quarterly results from ICICI Bank. The country's biggest private sector lender posted a steep fall in its net profit for the quarter that ended in March 2016 at Rs 702 crore.  Sentiments got some support with UN report for the Asia-Pacific that indicate Indian economy is projected to expand by 7.6 percent in 2016-17 and accelerate to 7.8 percent in 2017-18, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation. Some support also came with the report that foreign portfolio investors (FPIs) bought shares worth a net Rs 120.63 crore on April 28, 2016. However, investors remained cautious with the report that the country's current account deficit is likely to widen modestly to $25 billion in the current fiscal from $20 billion last year on rising demand for gold and sluggishness in exports. Moreover, the government's statement that implementation of new pay scales recommended by the 7th Pay Commission is estimated to put an additional burden of Rs 1.02 lakh crore, or 0.7 percent of GDP, on the exchequer in 2016-17, also weigh on sentiment. The burden on pay head would increase by Rs 39,100 crore to about Rs 2.83 lakh crore in the current fiscal.  Meanwhile, Jewellery stocks came under pressure after the report that the government ruled out rollback of 1 percent excise duty on gold jewellery levied in the budget, calling it a tax on a luxury item. Stocks related to sugar space declined for another day after the government decided to allow states to impose and enforce stock limits to check the price rise in sugar. Furthermore, most of the realty stocks edged lower on profit booking after a rally in the last session. On the global front, Asian markets declined, extending their weekly loss, European stocks too fell in early trade. Back home, the local benchmark got off to a somber opening, extending the downtrend for the second straight session as pessimistic sentiments prevailed across Asian markets after Wall Street slid. The key gauges showed some strength in early trade, but profit booking at higher levels dragged the key indices lower. Finally, the BSE Sensex gained 3.52 points or 0.01% to 25606.62, while the CNX Nifty rose 2.55 points or 0.03% to 7,849.80.

The US market closed lower on Friday, as a selloff in the technology sector deepened, but the Dow Jones Industrial Average and the S&P 500 hung on to post monthly gains in April. A string of disappointing quarterly results from high-profile tech companies, including Microsoft and Apple, has led to persistent selling in the group in recent sessions, making it the worst-performing sector for the year to date. On the economy front, consumer confidence tumbled in April as Americans' views of the economy in the future darkened. The index is now 7.2% lower than its level a year ago, a decline driven largely by the expectations component. It fell 4.8% during the month to 77.6, and is 12.6% lower than in April 2015. Consumers' views of the current situation, meanwhile, were more positive. They rose 1.0% in April to 106.7, and were down just 0.3% for the year. However, an index that measures what it costs a business to employ a worker rose mildly in the first quarter and showed no sign of acceleration in the cost of labor. The Dow Jones Industrial Average lost 57.12 points or 0.32 percent to 17,773.64, Nasdaq was down by 29.93 points or 0.62 percent to 4,775.36 while, S&P 500 dropped 10.51 points or 0.51 percent to 2,065.30.

Crude oil futures witnessed some profit taking at the yearly high level and fell back slightly on Friday. Traders were also concerned with a survey showing that OPEC production in April reached near-record highs. The survey based on shipping data and oil company sources said that OPEC increased production by 170,000 barrels per day from 32.47 million to 32.64 million bpd. Benchmark crude oil futures for June delivery declined by $0.12 or 0.26 percent to $45.91 a barrel after trading in a range of $45.24 and $46.77 a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery closed at $47.34, down $0.43 or 0.90 percent on the ICE.

Indian rupee ended stronger against dollar on last trading session of the week, due to sustained selling of the American currency by banks and exporters. Besides, weakness in the dollar against other currencies overseas too supported the rupee. The domestic currency looked strong from the very beginning and was supported by the gains in local equity market which despite some choppiness managed a positive close. Sentiments got some support with UN report for the Asia-Pacific that indicate Indian economy is projected to expand by 7.6 percent in 2016-17 and accelerate to 7.8 percent in 2017-18, mainly on the back of domestic consumption demand aided by steady employment and a relatively low inflation. On the global front, yen pushed back to 18-month highs against the dollar on Friday as a weak US economic growth reading compounded the Bank of Japan's shock decision not to beef up its stimulus. Finally, the rupee ended at 66.33, 18 paise stronger from its previous close of 66.51, on Thursday.

The FIIs as per Friday's data were net buyers in equity and in debt segment. In equity segments both, the gross buying was of Rs 9154.28 crore against gross selling of Rs 8918.34 crore, while in the debt segment, the gross purchase was of Rs 1498.61 crore with gross sales of Rs 801.47 crore.          

The US markets ended lower in last session, though there was good recovery from the day's low but the markets could not manage a green close, extending the sell-off of the previous session, mainly because of some disappointing earnings numbers. The Asian markets have made a weak start on concern over the global economy, with Japanese Nikkei plunging over 3 percent as yen surged to its strongest level in more than 18 months, while some other major markets remained closed for a holiday. The Indian markets made a flat closing with positive bias in last session with some buying emerging in the last leg of trade. Today, the start of the new week is likely to be soft, tailing the weakness in some regional peers. Traders will be concerned with a report that exports of 17, over half of the 30 sectors including petroleum products, textiles, man-made yarn and fabrics, engineering and leather, closely monitored by the Commerce Ministry were in the negative zone in March due to a fall in global commodity prices amid tepid demand. Meanwhile, Commerce Minister Nirmala Sitharaman has said that India has a clear picture of how to move on the trade front, and is certainly not aimless when it comes to trade negotiations. Traders will also be worried about a Care Ratings report on Employment in the Corporate Sector that notwithstanding the Indian economy's steady growth, sectors such as telecom, engineering and electronics have witnessed a decline in employment rate over the last four year. There will be some buzz in the logistics stocks, as an ASSOCHAM-Resurgent India joint study has said that ndia can save up to $ 50 billion if logistics costs are brought down from 14 percent to nine per cent of country`s gross domestic product (GDP) thereby making domestic goods more competitive in global markets. There will be lots of earnings related reactions and important result announcements to keep the markets buzzing.

Support and Resistance: NSE Nifty and BSE Sensex

Nifty Top volumes

• Infosys has entered into a global strategic initiative with Amazon Web Services to make transitioning to the cloud easier and faster.
• Lupin and its US subsidiary, Lupin Pharmaceuticals, Inchave re-introduced Methergine Oral Tablets 0.2mg for the prevention and management of postpartum hemorrhage.
• ICICI Bank has reported a 76% drop in net profit in January-March quarter to Rs 702 crore as it set aside additional contingency provisioning of Rs 3,600 crore.
• ACC has reported a fall of 3.48% in its net profit at Rs 232.19 crore for the quarter ended March 31, 2016 as compared to Rs 240.55 crore for the same quarter in the previous year.
• Idea Cellular has launched its 4G services in 84 more towns of Andhra Pradesh and Telangana circle, taking the total tally to 121 in both the states.