April 20 (Reuters) - Nasdaq Inc NDAQ.O topped Wall Street estimates for first-quarter profit on Wednesday, driven by robust demand for its investment-related products that offset a lull in initial public offerings. The U.S. IPO market was battered in the quarter with investor sentiment weighed down by concerns over the Ukraine-Russia conflict, a hawkish stance from the Federal Reserve and weakness in high growth technology stocks. In line with other financial companies who have felt the pinch of inflationary pressures, Nasdaq reported a 9% increase in adjusted operating expenses, reflecting costs tied to higher compensation and benefits for employees.