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Financials offset gains in Indian shares after Axis Bank's earnings miss

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Indian shares were muted on Friday, dragged by financials after Axis Bank Ltd's weaker-than-expected March quarter result, while the uptick in beaten-down information technology stocks capped losses.

worth 120 billion rupees. The IT firm posted a marginal slide in net profit.

Analysts expect the benchmarks to see more upside after the Nifty 50 surpassed the 17,850 level on Thursday. "Buy dips in May, do not shy away," wrote five equity analysts at ICICI Direct Research in a note on Friday. "The index has recovered from March low, absorbing global and domestic headwinds and could inch towards 18,300-18,500 in May."

"If Nifty manages to stay above 17,850 levels, more upsides could be in store for the benchmark," said Deepak Jasani, head of retail research at HDFC Securities.has risen over 3% in April so far, on course for most monthly gains since November 2022.

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