At 09:28 IST, the barometer index, the S&P BSE Sensex, was up 189.67 points or 0.31% to 61,153.35. The Nifty 50 index added 61.35 points or 0.33% to 18,375.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was strong. On the BSE, 1,721 shares rose and 901 shares fell. A total of 101 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 922.89 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 604.57 crore in the Indian equity market on 22 May, provisional data showed.

Earnings Impact:

Shree Cement rose 2.66%. The company's consolidated net profit fell to Rs 525.21 crore in Q4 FY23 as against a net profit of Rs 659.08 crore in Q4 FY22. Total income advanced to Rs 5245.91 crore in the quarter ended 31 March 2023 from Rs 4501.60 crore recorded in Q4 FY22.

Bharat Petroleum Corporation (BPCL) added 1.58%. The company's consolidated net profit rose to Rs 6,870.47 crore in Q4 FY23 as against a net profit of Rs 2,559.17 crore in Q4 FY22. Total income advanced to Rs 1,33,902.66 crore in the quarter ended 31 March 2023 from Rs 1,24,026.81 crore recorded in Q4 FY22.

Indiabulls Housing Finance fell 1.89%. The company's consolidated net profit fell to Rs 263 crore in Q4 FY23 as against a net profit of Rs 307 crore in Q4 FY22. Total income advanced to Rs 2077 crore in the quarter ended 31 March 2023 from Rs 2191 crore recorded in Q4 FY22.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.23% to 6.985 as compared with previous close of 7.001.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.82, compared with its close of 82.8450 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.50% to Rs 59,941.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 103.27.

The United States 10-year bond yield fell 0.05% to 3.712.

In the commodities market, Brent crude for July 2023 settlement gained 21 cents or 0.28% to $76.20 a barrel.

Global markets:

Asian stocks were trading mixed as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.

US stocks ended the session mixed on Monday as talks in Washington resumed to avert a US default. President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. Treasury Secretary Janet Yellen said the chances are “quite low" that the US can pay all its bills by mid-June.