The domestic equity benchmarks traded in a narrow range with limited gains in mid-afternoon trade. The Nifty traded above the 17,750 mark after hitting the day's low of 17,711.20 in morning trade. PSU bank shares witnessed buying demand for third consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 73.18 points or 0.12% to 60,203.89. The Nifty 50 index rose 16 points or 0.09% to 17,778.25.

In the broader market, the S&P BSE Mid-Cap index added 0.13% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth was positive. On the BSE, 1,852 shares rose and 1,587 shares fell. A total of 141 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.114 from 7.110 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.85 compared with its close of 81.9550 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement shed 0.16% to Rs 60,166.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.42% to 101.43.

The United States 10-year bond yield advanced 0.43% to 3.413.

In the commodities market, Brent crude for June 2023 settlement rose 56 cents or 0.69% to $81.33 a barrel.

Buzzing Index:

The Nifty PSU Bank index advanced 0.48% to 4,055.60. The index jumped 4.45% in three trading sessions.

UCO Bank (up 1.26%), Union Bank of India (up 1.15%), Indian Bank (up 0.76%), Central Bank of India (up 0.55%) and State Bank of India (up 0.52%) Punjab National Bank (up 0.5%), Indian Overseas Bank (up 0.41%), Canara Bank (up 0.29%) edged higher.

On the other hand, Bank of Maharashtra (down 1.17%), Punjab & Sind Bank (down 1.07%) and Bank of Baroda (down 0.43%) declined.

UCO Bank rose 1.26%. A meeting of the board of directors of the bank is scheduled on 2 May 2023 to consider and approve raising of equity capital during the financial year 2023-24 through various modes such as follow-on public offer (FPO), qualified insitutional placement (QIP), preferential issue etc.

Stocks in Spotlight:

Shares of 7 PSU firms in Gujarat rallied 0.50% to 20% after the state government announced a policy for minimum levels of dividend distribution and bonus shares for state PSUs.

Gujarat Industries Power Company (up 20%), Gujarat Mineral Development Corporation (up 19.98%), Gujarat State Fertilisers and Chemicals (up 18.12%), Gujarat Alkalies and Chemicals (up 13.60%), Gujarat Narmada Valley Fertilizers & Chemicals (up 9.18%), Gujarat State Petronet (up 7.53%) and Gujarat Gas (up 0.50%) rally.

KEC International declined 1.39%. The company announced that it has secured new orders of Rs 1,017 crore across its various businesses.

Dhampur Bio Organics rallied 8.96% after the company's consolidated net profit rose 13% to Rs 80.20 crore on 58.8% jump in net sales to Rs 803.23 crore in Q4 FY23 over Q4 FY22.