At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 85.56 points or 0.14% to 59,740.62. The Nifty 50 index added 27.10 points or 0.15% to 17,651.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index gained 0.39%.

The market breadth was positive. On the BSE, 1,805 shares rose and 1,591 shares fell. A total of 189 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.21% to 11.89. The Nifty 27 April 2023 futures were trading at 17,670.20, at a premium of 19.05 points as compared with the spot at 17,651.15.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 210.6 lakh contracts at the 17,700 strike price. Maximum Put OI of 116.7 lakh contracts were seen at 17,600 strike price.

Buzzing Index:

The Nifty Realty index rose 1.04% to 427.90, snapping its two days losing streak. The index fell 2.66% in past two trading sessions.

Indiabulls Real Estate (up 12.12%), Godrej Properties (up 1.13%), Mahindra Lifespace Developers (up 1.07%), Prestige Estates Projects (up 1.02%), Sobha (up 1.02%), Macrotech Developers (up 1.01%), DLF (up 0.91%), Oberoi Realty (up 0.88%), Phoenix Mills (up 0.87%) and Brigade Enterprises (up 0.46%) edged higher.

Stocks in Spotlight:

Century Textiles & Industries advanced 2.40% after the company said that Birla Estates has acquired prime land parcel in South Mumbai's upmarket residential area of Walkeshwar at Malabar Hill.

Tamilnad Merchantile Bank rose 0.93% after the bank's net profit increased 11.5% to Rs 253.05 crore in Q4 FY23 as against Rs 226.95 crore in Q4 FY22. Total income stood at Rs 1,254.01 crore in Q4 FY23, registering a growth of 4.44% YoY.

Net interest income rose 7.99% year on year (YoY) to Rs 527 crore in the quarter ended 31 March 2023. Net Interest Margin stood at 4.49% in Q4 FY23 as against 4.40% reported in Q4 FY22.