The key equity indices some of the early gains in morning trade. Positive cues form other Asian indices boosted sentiment. The Nifty traded below the 16,300 mark. Banks stocks extended gains for the second consecutive session.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 308.25 points or 0.57% to 54,560.78. The Nifty 50 index added 92.90 points or 0.57% to 16,263.05.

In the broader market, the S&P BSE Mid-Cap index rose 1.13% while the S&P BSE Small-Cap index gained 1.11%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,137 shares rose and 807 shares fell. A total of 124 shares were unchanged.

The most recent minutes of the Fed's meeting calmed fears of the American central bank turning more hawkish and thereby, contracting worries of aggressive rate-tightening policy by the US Fed. The Fed's minutes of its May meeting released on Wednesday confirmed two more 50-basis point hikes each in June and July, but policymakers also suggested the potential for a pause later in the year.

Results Today:

GAIL India (down 0.03%), Godrej Industries (up 0.24%), JSW Steel (up 0.07%), Jindal Steel & Power (up 1.17%), PB Fintech (up 2.16%), United Spirits (up 0.99%), VRL Logistics (up 0.28%), India Cements (up 0.86%), Ircon International (up 2.46%), Lemon Tree Hotels (down 0.25%), GR Infraprojects (up 2.81%), Glenmark Pharmaceuticals (up 1.27%), Fine Organic Industries (down 0.06%), Akzo Nobel India (down 0.40%), Astral (up 0.76%), Crompton Greaves Consumer Electricals (up 0.36%) are some of the companies that will announce their quarterly earnings today.

New Listing:

Shares of Paradeep Phosphates (PPL) were trading at Rs 45.45, at a premium of 8.21% compared with the issue price of Rs 42.

The scrip was listed at Rs 43.55, representing a premium of 3.69% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 47.25 and a low of Rs 43.55. Over 40.77 lakh shares of the company have changed hands in the counter till now.

The IPO of PPL was subscribed 1.75 times. The issue opened for bidding on 17 May 2022 and it closed on 19 May 202). The price band of the IPO was fixed at Rs 39-42 per share.

Buzzing Index:

The Nifty Bank index rose 1.52% to 28,356.80. The index has gained 2.87% in two sessions.

IDFC First Bank (up 3.5%), IndusInd Bank (up 2.36%), Federal Bank (up 2.35%), Bandhan Bank (up 1.75%) and Kotak Mahindra Bank (up 1.59%) were the top index gainers. Axis Bank (up 1.08%), Bank of Baroda (up 1.07%), ICICI Bank (up 0.99%), HDFC Bank (up 0.83%) and Punjab National Bank (up 0.83%) edged higher.

Stocks in Spotlight:

Union Bank of India rose 1.13%. The board of the PSU bank has approved a proposal to raise funds to the tune of Rs 8,100 crore. The bank plans to raise funds up to Rs 3,800 crore via equity mode and the remaining amount of Rs 4,300 crore would be raised via issue of AT-1 and/or Tier-2 bonds.

Bharat Dynamics added 0.57%. The company's net profit rose 1.5% to Rs 264.36 crore on a 22.6% surge in net sales to Rs 1,355.80 crore in Q4 FY22 over Q4 FY21.

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