Jury president Tim Roth chose "After Lucia" from the 20-strong Un Certain Regard sidebar that was part of the official selection.
The film, Mexican writer-director Franco's second feature after "Daniel & Ana", focuses on bullying and adolescence. It follows a father and daughter who move to Mexico City for a fresh start only to find that the girl is bullied in her new high school.
A Special Jury Prize went to Benoit Delepine and Gustave Kervern's Le Grand Soir and a "Special Distinction of the Jury" award went to Aida Begic's "Children of Sarajevo".
The award for Best Actress was shared by Suzanne Clement for her role in Xavier Dolan's crossdressing drama "Laurence Anyways" and Emilie Dequenne for her performance in Joachim Lafosse's "A Perdre la Raison".
Un Certain Regard, a section dedicated to encouraging new talent, kicked off on May 17 with Chinese director Lou Ye's "Mystery" and wrapped Saturday with Gilles Bourdos' French film "Renoir".
"Miss Lovely", directed by Ashim Ahluwalia, is a film based on the C-grade film industry in the Mumbai underbelly. Nawazuddin Siddiqui, Niharika Singh and Anil George star in it.
The Cannes Film Festival will announce its top prizes chosen by Nanni Moretti and his jury at its closing ceremonies on Sunday night.
