The key equity indices extended gains and hit fresh intraday high in mid-afternoon trade. After hitting the day's low at 18,194.55 in morning trade, the Nifty managed to pare all losses and currently traded above the 18,300 level. Bank stocks extended gains for third consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 154 points or 0.25% to 62,058.52. The Nifty 50 index added 31.60 points or 0.17% to 18,328.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.14% while the S&P BSE Small-Cap index gained 0.11%.

The market breadth was negative. On the BSE, 1,692 shares rose and 1,750 shares fell. A total of 141 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.02% to 7.025 as compared with previous close of 7.023.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.2025, compared with its close of 82.0850 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.25% to Rs 60,737.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 102.09.

The United States 10-year bond yield advanced 0.34% to 3.408.

In the commodities market, Brent crude for July 2023 settlement fell 37 cents or 0.49% to $74.61 a barrel.

Buzzing Index:

The Nifty bank rose 0.83% to 43,836.20. The index has advanced 1.48% in three trading sessions.

Axis Bank (up 1.55%), IndusInd Bank (up 1.38%) and AU Small Finance Bank (up 1.07%) were the top index gainers.

Further, State Bank of India (up 0.89%), HDFC Bank (up 0.87%), IDFC First Bank (up 0.77%), ICICI Bank (up 0.67%) and Punjab National Bank (up 0.21%) edged higher.

On the other hand, Federal Bank (down 0.94%), Bandhan Bank (down 0.52%) and Bank of Barod (down 0.25%) declined.

Stocks in Spotlight:

Sharika Enterprises hit an upper limit of 20%. The company said it has secured a purchase order of Rs 24.69 crore for supplying 48F OPGW and optical unit to LS Cables India. The company will supply 2000 KM Optical Ground Wire (OPGW) (48 Fiber) to LS Cable India.

Ambuja Cements fell 0.68%. The company said that it has been declared as the ‘preferred bidder' for the Devalmari Katepalli limestone block in an e-auction conducted by the Government of Maharashtra.

NIBE jumped 4.02%. The company said it received seven purchase order from Larsen & Toubro for manufacturing of bridge center module structure for a total consideration of Rs 16.80 crore.