At 14:29 IST, the barometer index, the S&P BSE Sensex was up 203.40 points or 0.29% to 73,949.54. The Nifty 50 index added 64.70 points or 0.29% to 22,432.70

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98% and the S&P BSE Small-Cap index gained 0.88%.

The market breadth was strong. On the BSE, 2,307 shares rose and 1,441 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index rose 1.05% to 11, 702.95. The index shed 0.73% in the past trading session.

Aegis Logistics (up 12.22%), GAIL (India) (up 3.48%), Oil India (up 3.12%), Castrol India (up 2.18%), Indraprastha Gas (up 1.49%), Petronet LNG (up 1.37%), Indian Oil Corporation (up 1.28%), Oil & Natural Gas Corpn (up 1.16%), Hindustan Petroleum Corporation (up 1.13%) and Gujarat Gas (up 0.9%) advanced.

On the other hand, Gujarat State Petronet (down 1.63%) and Adani Total Gas (down 0.29%), edeged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.28% to 7.188 as compared with previous close 7.167.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3300, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.15% to Rs 70,920.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 105.88.

The United States 10-year bond yield rose 0.64% to 4.627.

In the commodities market, Brent crude for June 2024 settlement lost 32 cents or 0.36% to $88.10 a barrel.

Stocks in Spotlight:

Dhampur Bio Organics rose 1.40%. The company has reported 51% fall in consolidated net profit to Rs 39.41 crore on a 42% decline in net revenue to Rs 462.95 crore in Q4 FY24 over Q4 FY23.

Zydus Lifesciences fell 2.29% after the company informed that the US FDA inspection held at its Gujarat-based injectable manufacturing site had closed with 10 observations.

Welspun Corp advanced 2.12% after the firm received binding letter of award (LOA) of Rs 611 crore for export of line pipes from India.