The key domestic indices continued to trade with substantial gains in the mid-afternoon trade. The Nifty traded above the 22,600 level after hitting the day's low of 22,441.90 in early trade. PSU Bank shares advanced after declining in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 864.17 points or 1.17% to 74,594.49. The Nifty 50 index added 197.75 points or 0.88% to 22,617.70.

In the broader market, the S&P BSE Mid-Cap index gained 0.70% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 2,045 shares rose and 1,807 shares fell. A total of 194 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 13.02% to 12.35.

Buzzing Index:

The PSU Bank Index jumped 2.45% to Rs 7,561.20. The index declined 0.31% in the past trading session.

Indian Bank (up 4.44%), Bank of Maharashtra (up 4.14%), Central Bank of India (up 3.79%), State Bank of India (up 3.56%) and Union Bank of India (up 3.55%) were the top gainers.

Among the other gainers were UCO Bank (up 3.16%), Punjab & Sind Bank (up 3.06%), Bank of India (up 2.86%), Indian Overseas Bank (up 2.62%) and Bank of Baroda (up 1.98%).

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.21% to 7.184 from previous close of 7.199.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4825, compared with its close of 83.3800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.05% to Rs 71,533.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.24% to 105.69.

The United States 10-year bond yield declined 0.94% to 4.626.

In the commodities market, Brent crude for August 2023 settlement fell 58 cents or 0.65% to $88.99 a barrel.

Stocks in Spotlight:

Gland Pharma shed 0.59%. The company said that it has received approval from the United States Food and Drug Administration (USFDA) for Cetrorelix Acetate for Injection. The approved product is a bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Cetrotide for Injection. Cetrorelix Acetate for Injection is used to prevent premature LH surges in women undergoing controlled ovarian stimulation.

Orissa Bengal Carrier was locked in 20% upper circuit after the company announced that it has entered into contract for transportation of approximately 1,80,000 metric tons of materials of Ambuja Cement.

SBFC Finance added 1.19% after the NBFC’s net profit jumped 71.7% to Rs 73.42 crore in Q4 FY234 as compared with Rs 42.76 crore posted in corresponding quarter last year. Total income increased 33.9% to Rs 280 crore in the quarter ended 31 March 2024 as compared with Rs 209 crore in the quarter ended 31 March 2023.