At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 307.79 points or 0.49% to 63,032.50. The Nifty 50 index rose 92.40 points or 0.50% to 18,693.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.89% while the S&P BSE Small-Cap index rose 0.71%.

The market breadth was positive. On the BSE, 2,053 shares rose and 1,493 shares fell. A total of 134 shares were unchanged.

Economy:

India's consumer price inflation eased to a 25-month low of 4.25% in May 2023 as compared to same month last year. The inflation stood at 4.70 per cent in April, showed data released by the ministry of statistics. The consumer-price index (CPI) based inflation has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent for three months in a row.

Meanwhile, India's Index of Industrial Production (IIP) in April rose sharply to 4.2% from 1.1% in March, mainly due to good performance by the manufacturing and mining sectors, according to official data released on Monday. With this gain, the index has recovered after growing at a five month low in March.

Numbers to track:

The yield on India's 10-year benchmark federal paper shed 0.19% to 7.003 from previous close of 7.016.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3750, compared with its close of 82.4350 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.27% to Rs 59,800.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.37% to 103.27.

The United States 10-year bond yield declined 1.07% to 3.721.

In the commodities market, Brent crude for August 2023 settlement rose 0.79 cents or 1.10% to $72.63 a barrel.

Buzzing Index:

The Nifty Consumer Durables jumped 1.33% to 26,826.20. The index advanced 1.72% in two consecutive trading sessions.

Dixon Technologies (India) (up 2.81%), Crompton Greaves Consumer Electricals (up 2.15%), Titan Company (up 1.88%), Voltas (up 1.71%), Blue Star (up 1.61%), Whirlpool of India (up 1.09%), Bata India (up 0.81%), Havells India (up 0.8%), V-Guard Industries (up 0.77%) and Orient Electric (up 0.31%) advanced.

On the other hand, Rajesh Exports (down 3.05%), Kajaria Ceramics (down 0.5%) and TTK Prestige (down 0.32%) declined.

Stocks in Spotlight:

Ramco Systems fell 0.57%. The company said that it will implement its aviation suite for Skytek Pty Ltd, an independent maintenance, repair, and overhaul (MRO) services provider, specialising in fixed wing and rotary wing maintenance.

Can Fin Homes declined 0.07%. The company announced that a meeting of its board is scheduled to be held on Monday, 19 June 2023 to consider proposal of fund raising by way of issuance of equity shares.

Larsen and Toubro (L&T) rose 0.67% after the company said that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured an offshore project from a prestigious overseas client.