At 09:26 IST, the barometer index, the S&P BSE Sensex, advanced 51.95 points or 0.07% to 74,727.32. The Nifty 50 index added 30.10 points or 0.13% to 22,673.50.

In the broader market, the S&P BSE Mid-Cap index gained 0.69% while the S&P BSE Small-Cap index rose 0.53%.

The market breadth was strong. On the BSE, 1.958 shares rose and 721 shares fell. A total of 108 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 169.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 692.05 crore in the Indian equity market on 29 April, provisional data showed.

Stock exchanges will remain closed on Wednesday, 1 May 2024 on account of Maharashtra Day.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.11% to 7.188 from previous close of 7.196.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4850, compared with its close of 83.4550 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.39% to Rs 71,320.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 105.83.

The United States 10-year bond yield declined 0.09% to 4.609.

In the commodities market, Brent crude for June 2024 settlement rose 4 cents or 0.05% to $88.44 a barrel.

Stocks in Spotlight:

Tata Chemicals declined 3.05%. The company’s consolidated profit after tax (before exceptional items and NCI) from continuing operations stood at Rs 145 crore in Q4 FY24 as compared to Rs 694 crore for corresponding quarter of last year. Consolidated revenue from operations stood at Rs 3,475 crore in Q4 FY24 as compared to Rs 4,407 crore in Q4 FY23.

NMDC jumped 2.10% after the company has increased lump ore price by Rs 400 per tonne to Rs 6,200 per tonne and price of fines by Rs 200 per tonne to Rs 5,260 per tonne with effect from 27 April 2024.

RITES rallied 3.17% after the company has received a letter of acceptance from Bangladesh Railway in connection with supply of 200 Broad Gauge (BG) Passenger Carriages to Bangladesh Railway.

Global markets:

Most of the Asian stocks traded higher on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers’ index for April.

China’s factory activity climbed faster than expected in April, with the official purchasing managers’ index coming at 50.4. Factory activity expansion was lower than the 50.8 seen in March.

US stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.