At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 137.74 points or 0.22% to 61,867.42. The Nifty 50 index added 48.80 points or 0.27% to 18,252.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index declined 0.10%.

The market breadth was positive. On the BSE, 1,394 shares rose and 1,293 shares fell. A total of 160 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 113.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,071.35 crore in the Indian equity market on 19 May, provisional data showed.

RBI decision to withdraw Rs 2,000 notes:

The Reserve Bank of India (RBI) has decided to start withdrawing 2,000-rupee notes from circulation, citing "clean note policy". The 2,000-rupee note will remain legal tender. People will be able to deposit the Rs 2,000 note at the bank, or exchange it for notes of smaller denominations up to Rs 20,000 at a time between May 23 and September 30. The Rs 2,000 note was introduced in November 2016, after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

Earnings Impact:

NTPC rose 0.66%. NTPC recorded 1% rise in standalone net profit to Rs 5,672.32 crore on a 21.8% increase in total income to Rs 43,399.15 crore in Q4 FY23 as compared with Q4 FY22.

Power Grid Corporation of India added 1.01%. The company has reported a net profit of Rs 4,320 crore for Q4 FY23 on a consolidated basis which is 4% increase over Q4 FY22. The total income on consolidated basis for Q4 FY23 rose by 13% to Rs 12,557 crore compared to Rs 11,068 crore for Q4 FY22.

JSW Steel was up 0.26%. The company's consolidated net profit rose to Rs 3741 crore in Q4 FY23 as against a net profit of Rs 3343 crore in Q4 FY22. Total income advanced to Rs 47427 crore in the quarter ended 31 March 2023 from Rs 47128 crore recorded in Q4 FY22.

Divi's Laboratories advanced 0.93%. The pharmaceutical company's net profit slumped 63.9% to Rs 318.79 crore on 23.52% decline in revenue from operations to Rs 1,908.17 crore in Q4 FY23 over Q4 FY22.

Zomato gained 0.74%. The company reported consolidated net loss of Rs 188.2 crore in Q4 FY23 as against a net loss of Rs 359.7 crore in Q4 FY22. Total income advanced to Rs 2226.5 crore in the quarter ended 31 March 2023 from Rs 1350 crore recorded in Q4 FY22.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.24% to 6.987 as compared with previous close of 7.004.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.74, compared with its close of 82.67 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement gained 1.12% to Rs 60,390.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 103.05.

The United States 10-year bond yield fell 1.05% to 3.667.

In the commodities market, Brent crude for July 2023 settlement shed 64 cents or 0.85% to $74.94 a barrel.

Global markets:

Asian stocks are trading mostly higher on Monday after the Group of Seven summit in Hiroshima concluded and talks on the debt ceiling are slated to resume in the U.S. People's Bank of China left its 1-year and 5-year loan prime rates unchanged.

U.S. stocks finished lower Friday, weighed down by worries over the debt-ceiling deadline and concerns that more mergers involving regional banks may be needed.

Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default. President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House. Treasury Secretary Janet Yellen has said the U.S. could default on its debt as early as June 1.