At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 152.81 points or 0.25% to 61,828.98. The Nifty 50 index added 45.40 points or 0.25% to 18,302.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index gained 0.14%.

The market breadth was positive. On the BSE, 1,476 shares rose and 1,117 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 182.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 397.29 crore in the Indian equity market on 23 May, provisional data showed.

Earnings Impact:

Biocon jumped 4.33% after the company's consolidated net profit after exceptional items rose 31% to Rs 313 crore in Q4 FY23 as against a net profit of Rs 239 crore in Q4 FY22. Total revenue advanced 59% to Rs 3929 crore in the quarter ended 31 March 2023 from Rs 2476 crore recorded in Q4 FY22.

Ashok Leyland rose 0.03%. The company's consolidated net profit dropped to Rs 751 crore in Q4 FY23 as against a net profit of Rs 901 crore in Q4 FY22. Total revenue advanced to Rs 11626 crore in the quarter ended 31 March 2023 from Rs 8744 crore recorded in Q4 FY22.

JSW Energy fell 0.71%. The company's consolidated net profit dropped to Rs 272 crore in Q4 FY23 as against a net profit of Rs 864 crore in Q4 FY22. Total revenue advanced to Rs 2806 crore in the quarter ended 31 March 2023 from Rs 2655 crore recorded in Q4 FY22.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.17% to 7.004 as compared with previous close of 7.016.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7825, compared with its close of 82.85 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement rose 0.03% to Rs 60,215.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 103.46.

The United States 10-year bond yield slipped 0.30% to 3.685.

In the commodities market, Brent crude for July 2023 settlement gained 71 cents or 0.92% to $77.55 a barrel.

Global markets:

Asian stocks tumbled for second day as negotiations over raising the US debt ceiling remained at an impasse, sapping risk sentiment.

New Zealand's central bank increased interest rates by 0.25 percentage points on Wednesday, maintaining its hawkish position. The Reserve Bank of New Zealand raised the official cash rate to 5.5%, the highest since October 2008. It also warned that an economic contraction this year was possible.

US stock market ended lower Tuesday amid growing worries over raising the debt limit after another round of talks between White House officials and Congressional Republicans ended without a conclusion.

US debt negotiations continued but progress appeared limited, with some House Republicans questioning the urgency of a deadline imposed by Treasury Secretary Janet Yellen for when the government will start missing debt payments.

Investors will keep an eye on the minutes of the meeting of Federal's Reserve on May 2-3 that are due to be released on Wednesday. Minutes will offer traders the latest insights into whether interest rates will be paused at the Fed's June gathering.