The domestic equity benchmarks traded with modest gains in mid-afternoon trade amid value buying in beaten-down stocks, supported by strong gains in metal shares. Investors will monitor upcoming Q4 earnings. Nifty traded tad above the 23,500 level. FMCG shares advanced after witnessing declines in the previous trading session.

At 14:30 IST, the S&P BSE Sensex advanced 312.32 points or 0.42% to 74,871.56. The Nifty 50 index added 117.15 points or 0.52% to 23,501.25.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index climbed 1.21% and the BSE 250 SmallCap Index jumped 0.62%.

The market breadth was strong. On the BSE, 2,495 shares rose and 1,549 shares fell. A total of 202 shares were unchanged.

Economy:

India's retail inflation, based on the All India Consumer Price Index (CPI) with base year 2024, rose to 3.48% in April 2026 from 3.40% in March. Rural inflation stood at 3.74%, while urban inflation came in at 3.16%.

Food inflation, measured by the Consumer Food Price Index (CFPI), accelerated to 4.20% in April, with rural and urban food inflation at 4.26% and 4.10%, respectively. Meanwhile, housing inflation stood at 2.15% during the month, with rural housing inflation at 2.65% and urban housing inflation at 1.96%.

Among key vegetables, potato and onion prices declined 23.70% and 11.70% year-on-year, respectively, while tomato prices surged 35% compared with the year-ago period.

Buzzing Index:

The Nifty FMCG index rose 0.78% to 50,846.90. The index tanked 1.47% in the past trading session.

Varun Beverages (up 1.35%), ITC (up 1.31%), Radico Khaitan (up 1.08%), United Spirits (up 0.77%), Godrej Consumer Products (up 0.71%), Hindustan Unilever (up 0.69%), Colgate-Palmolive (India) (up 0.68%), Britannia Industries (up 0.67%), Patanjali Foods (up 0.41%) and Nestle India (up 0.31%) jumped.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.06% to 7.043 compared with the previous session close of 7.047.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at a fresh record low of 95.7750 compared with its close of 95.6800 during the previous trading session, amid concerns over elevated crude oil prices and firm dollar trends that weighed on the domestic currency

MCX Gold futures for 5 June 2026 settlement rose 5.60% to Rs 1,61,824.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 98.32.

The United States 10-year bond yield rose 0.09% to 4.461.

In the commodities market, Brent crude for July 2026 settlement fell $1.24 or 1.15% to $106.53 a barrel.

Stocks in Spotlight:

Tata Power Company fell 2.44% after the company's consolidated net profit fell 4.50% to Rs 995.91 crore on 12.84% fall in revenue from operations to Rs 14,900.20 crore in Q4 FY26 over Q4 FY25.

K.P.R. Mill shed 0.33%. The company reported an 11.1% increase in consolidated net profit to Rs 227.17 crore on a 0.9% rise in net sales to Rs 1,715.93 crore in Q4 FY26 as compared with Q4 FY25. Total operating expenditure for the period under review was Rs 1,436.36 crore, remaining flat on a YoY basis.

Huhtamaki India shed 0.63%. The company reported a 2.1% fall in net profit to Rs 25.60 crore on a 0.52% rise in revenue to Rs 613.10 crore in Q1 CY26 as compared with Q1 CY25. Total expenditure for the period under review was Rs 600.18 crore, up 2.26% YoY.

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