At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 178.39 points or 0.30% to 60,336.11. The Nifty 50 index added 72.70 points or 0.41% to 17,795.

In the broader market, the S&P BSE Mid-Cap index gained 0.32% while the S&P BSE Small-Cap index advanced 0.50%.

The market breadth was strong. On the BSE, 2,084 shares rose and 1,362 shares fell. A total of 113 shares were unchanged.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

The Indian stock market, which has been performing well in recent months, could face a significant setback if the number of covid cases continues to rise. Traders were also keeping an eye on the government's response to the situation, as any measures taken to control the spread of the virus could have a direct impact on the stock market.

COVID-19 update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, the highest number of COVID-19 cases in seven months according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.218 from 7.224 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.0675, compared with its close of 82.12 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.25% to Rs 60,655.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 102.11.

The United States 10-year bond yield fell 0.01% to 3.434.

In the commodities market, Brent crude for June 2023 settlement added 2 cents or 0.02% to $85.63 a barrel.

Buzzing Index:

The Nifty Metal index advanced 0.60% to 5,702.00. The index gained 4.09% in past five trading sessions.

Adani Enterprises (up 2.58%), Vedanta (up 1.28%), Hindustan Copper (up 0.74%), APL Apollo Tubes (up 0.54%) and JSW Steel (up 0.52%), Steel Authority of India (up 0.49%), Tata Steel (up 0.42%), Hindustan Zin (up 0.35%), Hindalco Industries (up 0.3%) and NMDC (up 0.13%).

On the other hand, Jindal Stainless (down 3.14%), Jindal Steel & Power (down 0.82%) and Welspun Corp (down 0.23%) turned lower.

Stocks in Spotlight:

Lupin rallied 3.29% after the pharma major announced today the launch of its regional reference laboratory in Bengaluru, Karnataka, as part of the expansion of its diagnostics network.

Bigbloc Construction rose 0.44% after the company said that its wholly owned subsidiary Bigbloc Building Elements has commenced commercial production at its 5 lakh cubic meter per annum AAC Blocks plant at Wada in Palghar, Maharashtra. At full capacity, Wada plant is expected to generate revenues of Rs 200 crore per year and will employ around 350-400 people at the plant.

Bank of India declined 1.51%. The public lender said that its board would be considering the proposal of raising capital for the FY24 at their meeting proposed on 18 April 2023, aggregating upto Rs 6,500 crore.