At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 299.87points or 0.49% to 61,412.31. The Nifty 50 index gained 102.45 points or 0.57% to 18,167.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.86% while the S&P BSE Small-Cap index advanced 0.80%.

The market breadth was strong. On the BSE, 2,191 shares rose and 1,405 shares fell. A total of 163 shares were unchanged.

Economy:

The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.122 from 7.116 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8650, compared with its close of 81.82 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.06% to Rs 59,801.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 102.17.

The United States 10-year bond yield fell 1.39% to 3.524.

In the commodities market, Brent crude for June 2023 settlement declined 14 cents or 0.18% to $79.17 a barrel.

Buzzing Index:

The Nifty Auto rose 0.77% to 13,290.75, extending gains for five straight sessions. The index rose 3.08% in five trading sessions.

Samvardhana Motherson International (up 2.45%), TVS Motor Compan (up 2.18%), Bosch (up 2.14%), Maruti Suzuki India (up 2.1%) and Sona BLW Precision Forgings (up 1.69%) Eicher Motors (up 1.66%), Bajaj Auto (up 1.22%), Balkrishna Industries (up 0.91%) and Mahindra & Mahindra (up 0.5%) advanced.

On the other hand, Hero MotoCorp (down 2.49%), Ashok Leyland (down 1.78%) and Tata Motors (down 1.07%)declined.

Ashok Leyland declined 1.78%.The commercial vehicles maker reported 10% rise in total vehicle sales to 12,974 units in April 2023 from 11,847 units in April 2022.

Stocks in Spotlight:

IDFC First Bank rallied 4.19% after the bank's net profit surged 134.2 % to Rs 802.62 crore in Q4 FY23 as compared with Rs 342.73 crore in Q4 FY22.

Varun Beverages fell 1.57%. The beverage maker's consolidated net profit surged 61.8% to Rs 438.57 crore on 37.7% rise in revenue from operations (net of excise/GST) to Rs 3,892.98 crore in Q1 CY23 over Q1 CY22.