At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 165.49 points or 0.22% to 74,117.97. The Nifty 50 index added 41.35 points or 0.18% to 22,570.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% and the S&P BSE Small-Cap index added 0.21%.

The market breadth was strong. On the BSE, 1,825 shares rose and 1,105 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,874.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,548.97 crore in the Indian equity market on 21 May 2024, provisional data showed.

Stocks in Spotlight:

Reliance Industries advanced 1.70% after the company signed a license agreement with Nel Hydrogen Electrolyser in which the company will get an exclusive license for Nel’s alkaline electrolysers in India and allow RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally.

United Spirits shed 0.18%. The company’s Nanded unit received notice from the Water Resources Department to pay water charges of Rs 345.45 crore. The company has filed a petition in the Bombay High Court for the same.

G R Infraprojects rallied 3.06% after the company emerged as the lowest bidder for the Pune Ring Road project worth Rs 1,997 crore and the Wardha Expressway road project worth Rs 2,350 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.65% to 7.032 as compared with previous close 7.078.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2650, compared with its close of 83.3125 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.33% to Rs 73,777.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.65.

The United States 10-year bond yield fell 0.05% to 4.413.

In the commodities market, Brent crude for July 2024 settlement lost 60 cents or 0.72% to $ 82.28 a barrel.

Global Markets:

Most of the Asian stocks advanced on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.

The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.

UK inflation figures, also due out today, could sway the Bank of England's decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.

US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia's earnings report and the release of the Fed meeting minutes.