The key equity indices hit fresh intraday highs in mid-afternoon trade. The Nifty continued to trade above the 16,300 mark. Auto stocks advanced for the second consecutive session.

At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 523.54 points or 0.97% to 54,776.07. The Nifty 50 index added 158.50 points or 0.98% to 16,328.65.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.39% while the S&P BSE Small-Cap index gained 1.21%.

Buyers outnumbered sellers. On the BSE, 2,162 shares rose and 1,087 shares fell. A total of 130 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 minutes of Fed's 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.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 7.358% as compared with 7.294% at the close of the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 77.6500, compared with its close of 77.6100 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement added 0.32% to Rs 51,036.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 101.68.

In the commodities market, Brent crude for July 2022 settlement rose 56 cents or 0.49% to $114.73 a barrel.

Buzzing Index:

The Nifty Auto index rose 1.66% to 11,280.90. The index has added 2.45% in two sessions.

Hero MotoCorp (up 2.83%), Tata Motors (up 2.46%), Mahindra & Mahindra (up 2.16%), Ashok Leyland (up 2.11%), TVS Motor Company (up 2.08%), Maruti Suzuki India (up 1.61%) and Escorts (up 1.43%) advanced.

Stocks in Spotlight:

Cummins India fell 2.13%. The company reported 1.9% rise in net profit to Rs 189.15 crore on a 19.3% surge in net sales to Rs 1,468.50 crore in Q4 FY22 over Q4 FY21.

Bharat Rasayan gained 4.40%. The company reported a 38% rise in consolidated net profit to Rs 64.55 crore in Q4 FY22 from Rs 46.79 crore in Q4 FY21. Net sales jumped 64.8% YoY to Rs 444.78 crore in Q4 FY22.

Piramal Enterprises slumped 11.38%. The company reported a consolidated net profit of Rs 151 crore in Q4 March 2022 compared with net loss of Rs 510 crore in Q4 March 2021. On a consolidated basis, total income rose 23% year-on-year to Rs 4,401 crore in Q4 March 2022.

Godrej Industries zoomed 9.04%. The company reported a consolidated net profit of Rs 227 crore as against a net loss of Rs 16 crore in Q4 FY21. Total income rose 70% to Rs 4,727 crore in Q4 FY22 from Rs 2,785 crore in Q4 FY21.

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