At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 87.17 points or 0.14% to 62,515.71. The Nifty 50 index added 32.15 points or 0.17% to 18,519.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index advanced 0.56%.

The market breadth was strong. On the BSE, 2,165 shares rose and 1,315 shares fell. A total of 144 shares were unchanged.

Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline.

The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced 0.04% to 6.982 from previous close of 6.979.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3225, compared with its close of 82.4000 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.30% to Rs 60,100.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 103.45.

The United States 10-year bond yield rose 0.08% to 3.614.

In the commodities market, Brent crude for August 2023 settlement gained 68 cents or 0.92% to $74.96 a barrel.

Buzzing Index:

The Nifty Realty advanced 1.44% to 490.95. The index jumped 3.31% has risen for three trading sessions.

Indiabulls Real Estate (up 3.65%), Mahindra Lifespace Developers (up 2.42%), Sobha (up 2.32%), Godrej Properties (up 2.22%) and DLF (up 2.2%) were the top gainers.

Among the other gainers were Oberoi Realty (up 1.74%), Prestige Estates Projects (up 0.91%), Phoenix Mills (up 0.77%), Macrotech Developers (up 0.26%).

Stocks in Spotlight:

Bank of Baroda rose 1.08% after the bank's board of directors, at their meeting held today, approved a proposal to raise additional capital aggregating to Rs 5,000 crore in suitable tranches.