The key equity benchmarks scaled fresh intraday highs in mid-afternoon trade. The Nifty traded above the 18,250 mark. Financial services shares witnessed decent buying demand.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 739.94 points or 1.21% to 61,794.23. The Nifty 50 index added 201.75 points or 1.12% to 18,270.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 0.59%.

The market breadth was positive. On the BSE, 2,054 shares rose, and 1,540 shares fell. A total of 168 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced 0.31% to 7.036 from 7.014 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.7825, compared with its close of 81.78 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.41% to Rs 60,878.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 101.07.

The United States 10-year bond yield fell 0.32% to 3.435.

In the commodities market, Brent crude for July 2023 settlement added $1.30 or 1.73% to $76.60 a barrel.

Buzzing Index:

The Nifty Financial Services index rose 1.69% to 19,344.70. The index declined 2.34% in past trading session.

Bajaj Finance (up 4.59%), Bajaj Finserv (up 3.63%), Shriram Finance (up 2.13%), SBI Cards & Payment Services (up 1.8%) and Axis Bank (up 1.7%) were the top gainers.

Among the other gainers were ICICI Prudential Life Insurance Company (up 1.65%), Kotak Mahindra Bank (up 1.62%), State Bank of India(up 1.6%), HDFC Life Insurance Company (up 1.6%) and Housing Development Finance Corporation (up 1.46%).

Stocks in Spotlight:

Aether Industries declined 1.98%. The specialty chemicals maker reported 44.4% surge in consolidated net profit to Rs 37.56 crore on 24.6% increase in revenue from operations to Rs 183.78 crore in Q4 FY23 over Q4 FY22.

Blue Dart Express slipped 1.54% after the company reported 49.3% decline in net profit of Rs 69.44 crore despite of 4.3% jump in revenue from operations to Rs 1,216.55 crore in Q4 FY23 over Q4 FY22.

Pennar Industries surged 5.84% after the Pennar Group secured orders worth Rs 682 crore across its various business verticals. The orders are expected to be executed within the next two quarters.