At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 330.56 points or 0.52% to 63,300.56. The Nifty 50 index added 92.45 points or 0.49% to 18,783.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.64%.

The market breadth was positive. On the BSE, 2,024 shares rose and 1,418 shares fell. A total of 159 shares were unchanged.

As per the circular issued by NSE, Indian stock market will remain open on Wednesday as holiday for Bakri Id festival has been shifted to one day ahead on 29 June 2023.

The weekly and monthly F&O contract expiry has been rescheduled to Wednesday as a result of the holiday being moved to Thursday, the exchange said in a separate circular.

Buzzing Index:

The Nifty Financial Services index gained 0.95% to 19,707.55. The index added 0.99% in two trading sessions.

HDFC Life Insurance Company (up 5.03%), Power Finance Corporation (up 3.78%), ICICI Lombard General Insurance Company (up 3.05%), REC (up 2.43%), HDFC Asset Management Company (up 1.67%), SBI Cards & Payment Services (up 1.62%), ICICI Prudential Life Insurance Company (up 1.61%), HDFC Bank (up 1.12%), Cholamandalam Investment & Finance Company (up 1.09%) and Housing Development Finance Corporation (up 1.01%) advanced.

On the other hand, Shriram Finance (down 1.09%), Indian Energy Exchange (down 1%) and Bajaj Finance (down 0.18%) declined.

Number to Tracks:

The yield on India's 10-year benchmark federal paper declined 0.08% to 7.061 from previous close of 7.066.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.02, compared with its close of 82.0425 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement rose 0.03% to Rs 58,431.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 102.56.

The United States 10-year bond yield advanced 0.49% to 3.737.

In the commodities market, Brent crude for August 2023 settlement gained 48 cents or 0.65% to $74.66 a barrel.

Stocks in Spotlight :

IIFL Securities jumped 6.57% after media reports suggested that the Securities Appellate Tribunal (SAT) has stayed the order passed by the Securities and Exchange Board of India (SEBI) against the company.

Manappuram Finance rose 0.88%. The Kerala-based NBFC on Monday announced that its board may consider raising funds through debt securities during the month of July 2023.