At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 86.30 points or 0.15% to 58,160.98. The Nifty 50 index added 42.25 points or 0.25% to 17,149.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,102 shares rose and 980 shares fell. A total of 139 shares were unchanged.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled to release later today. Market expects Fed to raise rates by 25-basis points amid the risk of financial contagion after the failures of Silicon Valley Bank and Signature Bank and concerns about the potential for a regional banking crisis.

Buzzing Index:

The Nifty PSU Bank index added 1.26% to 3,724. The index advanced 2.93% in two trading sessions.

Indian Overseas Bank (up 2.81%), Bank of India (up 2.45%), Union Bank of India (up 2.23%), Bank of Maharashtra (up 2.21%), Punjab & Sind Bank (up 2.13%), Bank of Baroda (up 2.12%), Central Bank of India (up 2.09%), UCO Bank (up 2.01%), Indian Bank (up 1.72%) and Canara Bank (up 1.29%) gained.

Stocks in Spotlight:

Tata Motors rose 0.79% after the auto major announced that it will be implementing a price increase of up to 5% on its commercial vehicles (CV) starting from 1 April 2023. The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms, the auto maker said.

H.G. Infra Engineering gained 1.50% after the company announced that it has been declared as lowest bidder (L-1) by DYCE-C-CNB-Engineering/North Central Railway for the redevelopment of Kanpur Central Railway Station.

Cholamandalam Investment and Finance Company added 0.78% after the company said that its board has appointed Ajay Bhatia as the chief risk officer for a period of 3 years with effect from 1 April 2023.