Local stocks eked out small gains on last trading day of the week. The barometer index, the S&P BSE Sensex, rose 12.53 points or 0.03% at 36,386.61, as per the provisional closing data. The Nifty 50 index rose 1.75 points or 0.02% at 10,906.95, as per the provisional closing data. Reliance Industries advanced after declaring good Q3 result. Shares of Sun Pharmaceutical Industries dropped sharply. Global stocks rose Friday amid optimism for progress in US-China trade talks.

Volatility struck bourses in early trade as the key indices reversed initial gains and sink in negative zone. Key indices extended losses in morning trade. Stocks cut losses in mid-morning trade. Indices continued hovering in negative zone in early afternoon trade. Key equity indices trimmed losses in afternoon trade. Indices cut losses in mid-afternoon trade as European stocks opened higher. Stocks gyrated in positive and negative zone in late trade.

The S&P BSE Mid-Cap index fell 0.79%. The S&P BSE Small-Cap index fell 0.73%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 906 shares rose and 1639 shares fell. A total of 166 shares were unchanged.

Reliance Industries (RIL) advanced 4.43%. On a consolidated basis, RIL's net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Increase in revenue is primarily on account of higher price realizations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses. Product prices for the refining and petrochemicals business increased in line with 10.4% higher average Brent crude oil price. The higher volumes in petrochemical business are on account of stabilization and ramp-up of new petrochemical facilities. Retail business and digital services business recorded an increase of 89% and 51% in revenue during the quarter compared to the corresponding quarter of the previous year.

Commenting on the results, chairman and managing director, Mukesh Ambani said in its new-age consumer businesses, RIL maintained robust growth momentum across retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company. In wireless business, RIL's customer-centric offerings and strong ubiquitous network are helping to digitalise India at an unprecedented rate.

Hindustan Unilever (HUL) shed 0.29%. HUL's net profit rose 8.9% to Rs 1444 crore on 12.4% increase in net sales to Rs 9357 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% to Rs 2046 crore in Q3 December 2018 over Q3 December 2017. Prudent management of volatility in costs (crude and currency led) along with improved mix and operating leverage has driven margin improvement, the company said.

Sanjiv Mehta, chairman and managing director, said that that company has delivered another strong performance in the quarter, with double digit volume growth and improvement in margins. HUL's focus on strengthening the core and leading market development by tapping into emerging trends has been yielding results across categories. In the near term, demand is likely to be stable. The company will keep a close watch on the macro-economic environment and respond with agility. HUL remains focused on its strategic agenda of delivering consistent, competitive, profitable and responsible growth.

Sun Pharmaceutical Industries lost 8.58%. Sun Pharmaceutical Industries during market hours today, 18 January 2019 clarified that it has not received the alleged 172-page whistle blower complaint. One of the company's 100% subsidiary has voluntarily recalled certain batches of Vecuronium Bromide Injection in the US market at hospital level due to identification of particulate matter identified as glass. This product has a negligible contribution to our company's consolidated revenues and hence this recall will not have any material impact on financials.

Overseas, Asian and European stocks rose Friday amid optimism for progress in US-China trade talks. China reportedly announced its economy czar, Vice Premier Liu He, will go to Washington for talks Jan. 30-31 aimed at ending the tariff war sparked by US complaints about Beijing's technology ambitions.

Meanwhile, investors awaited the next steps for the UK after Theresa May's government narrowly survived a no-confidence vote as she attempts to forge a path forward for the country's exit from the European Union.

US stocks advanced on Thursday as a published report that the United States was considering lifting tariffs on Chinese imports lifted investor sentiment. U.S. officials are reportedly considering lifting some tariffs on Chinese products in an effort to elicit more concessions from China for a bilateral trade deal and to stabilize the financial markets.

On the data front, the Federal Reserve Bank of Philadelphia's manufacturing index rose to 17.0 in January, up from 9.1 in December, the bank reported Thursday. The index reflects the health of the manufacturing sector in Pennsylvania, Delaware and New Jersey.