At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 165.13 points or 0.27% to 62,146.92. The Nifty 50 index added 39.85 points or 0.22% to 18,387.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was positive. On the BSE, 1,867 shares rose and 1,371 shares fell. A total of 146 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durables index rose 1.44% to 25,330.75. The index declined 0.21% in the past trading session.

Dixon Technologies (India) (up 6.91%), Crompton Greaves Consumer Electricals (up 3.57%), Blue Star (up 3.22%), Orient Electric (up 3.06%), Amber Enterprises India (up 1.21%), Relaxo Footwears (up 1.13%), Titan Company (up 1.06%), Havells India (up 1.06%), Kajaria Ceramics (up 0.54%) and Whirlpool of India (up 0.06%) advanced.

On the other hand, Rajesh Exports (down 1.51%), Voltas (down 0.6%) and V-Guard Industries (down 0.48%) slipped.

Stocks in Spotlight:

Linde India advanced 3.24% after the company reported 54.6% YoY jump in standalone net profit to Rs 98.74 crore in the quarter ended 31 March 2023. Net sales rose by 18% YoY to Rs 630.24 crore during the period under review.

CMS Info Systems rose 2.16% after the company's net profit jumped 24.9% to Rs 79.93 crore on 12.9% rise in revenue from operations to Rs 501.44 crore in Q4 FY23 over Q4 FY22.

Schneider Electric Infrastructure surged 6.43% after the company reported net profit of Rs 44.84 crore in Q4 March 2023, steeply higher than Rs 0.07 crore in Q4 March 2022. Net sales rose 20.73% to Rs 410.51 crore in Q4 March 2023 over Q4 March 2022.

Global markets:

Most of the Asian stocks declined as negotiations over raising the US debt ceiling remained at an impasse, sapping risk sentiment.

New Zealand's central bank increased interest rates by 0.25 percentage points on Wednesday, maintaining its hawkish position. The Reserve Bank of New Zealand raised the official cash rate to 5.5%, the highest since October 2008. It also warned that an economic contraction this year was possible.

US stock market ended lower Tuesday amid growing worries over raising the debt limit after another round of talks between White House officials and Congressional Republicans ended without a conclusion.

US debt negotiations continued but progress appeared limited, with some House Republicans questioning the urgency of a deadline imposed by Treasury Secretary Janet Yellen for when the government will start missing debt payments.

Investors will keep an eye on the minutes of the meeting of Federal's Reserve on May 2-3 that are due to be released on Wednesday. Minutes will offer traders the latest insights into whether interest rates will be paused at the Fed's June gathering.