At 09:26 IST, the barometer index, the S&P BSE Sensex, advanced 448.42 points or 0.60% to 75,059.45. The Nifty 50 index added 132.65 points or 0.59% to 22,780.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% and the S&P BSE Small-Cap index added 0.35%.

The market breadth was strong. On the BSE, 2,029 shares rose and 697 shares fell. A total of 111 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 964.47crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,352.44 crore in the Indian equity market on 2 May 2024, provisional data showed.

Numbers to track:

The yield on India's 10-year benchmark federal paper shed 0.04% to 7.159 from previous close of 7.162.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.4675 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement declined 0.12% to Rs 70,654.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 105.25.

The United States 10-year bond yield advanced 0.15% to 4.575.

In the commodities market, Brent crude for June 2024 settlement rose 25 cents or 0.30% to $83.92 a barrel.

Stocks in Spotlight:

Coal India shed 0.41% The company’s consolidated net profit jumped 25.8% to Rs 8640 crore in Q4 FY24 as compared with Rs 6,869 crore in Q4 FY23. Revenue declined 1.95% YoY to Rs 37,410 crore in Q4 FY24.

Coforge declined 8.33% after the IT company has reported 5.6% decline in consolidated net profit to Rs to 229 crore from 243 crore posted in corresponding quarter last year. Revenue rose 1.51% YoY to Rs 2,358 crore in Q4 FY24.

Railtel Corporation of India fell 0.86%. The company’s consolidated net profit jumped 24.76% YoY to Rs 77.53 crore in Q4 FY24. Revenue surged 24.58% to Rs 833 crore in Q4 FY24 as compared with Rs 688 crore posted in Q4 FY23.

Global market:

Asian markets traded higher on Friday as investors look ahead to the release of key U.S. employment data later today. Stock markets in Japan and mainland China were shut for public holidays.

The employment data release will be closely watched by the trading community after the U.S. Federal Reserve held interest rates steady at the end of its two-day meeting on Wednesday.

The Japanese yen was still in focus as it continued to show strength against the U.S. dollar amid suspected government intervention to support the currency on Monday.

Stocks in the U.S. closed higher on Thursday as investors looked ahead to more earnings as well as the nonfarm payrolls report set to be released on Friday.