Domestic equity benchmarks erased early losses and moved higher, trading with modest gains in mid-afternoon trade. The Nifty bounced back above the 23,000 mark after dipping to a day's low of 22,719.30 in morning trade. IT stocks continued their upward momentum, marking gains for the fourth straight session.
At 14:30 IST, the barometer index, the S&P BSE Sensex advanced 155.38 points or 0.21% to 74,262.23. The Nifty 50 index gained 72.80 points or 0.31% to 23,041.05.
In the broader market, the BSE 150 MidCap Index fell 0.21% and the BSE 250 SmallCap Index rose 0.15%.
The market breadth was strong. On the BSE, 2,636 shares rose and 1,492 shares fell. A total of 163 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 1.84% to 25.
Monsoon Forecast:
Private weather forecaster Skymet expects India's 2026 monsoon to be below normal at around 94% of the long-period average, with El Ni'o likely to strengthen and disrupt rainfall in the second half of the season. While June could begin on a stable note, rains are expected to turn erratic from July to September, with central and north-west regions facing deficits, even as eastern and northeastern parts fare relatively better.
Buzzing Index:
The Nifty IT index jumped 2.14% to 31,293.25. The index rallied 7.67% in four consecutive trading sessions.
Mphasis (up 4.18%), Wipro (up 3.4%), HCL Technologies (up 2.77%), LTIMindtree (up 2.28%), Tata Consultancy Services (up 2.27%), Oracle Financial Services Software (up 2.08%), Infosys (up 1.88%), Tech Mahindra (up 1.66%), Persistent Systems (up 1.28%) and Coforge (up 0.98%) advanced.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined 0.14% to 7.033 compared with previous session close of 7.043.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 92.9100 compared with its close of 92.9000 during the previous trading session.
MCX Gold futures for 5 June 2026 settlement rose 0.36% to Rs 150,151.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 99.62.
The United States 10-year bond yield fell 0.12% to 4.329.
In the commodities market, Brent crude for June 2026 settlement rose 10 cents or 0.09% to $109.91 a barrel.
Stocks in Spotlight:
PDS rallied 4.15% after the company secured a strategic sourcing mandate worth around Rs 450 crore from a leading US-based value retailer, marking a key step in expanding its footprint in the US market.
Aartech Solonics jumped 5.54% after the company announced it has received a purchase order worth Rs 1.26 crore from Zero Systems (Proprietorship).
Dynacons Systems & Solutions rallied 5.17% after it has bagged a Rs 25 crore contract from Jammu & Kashmir Bank for the design, implementation, and support of a centralized, enterprise-wide Enterprise Resource Planning (ERP) platform.