Sensex gains over 100 points, Nifty above 23,300; Midcap index at record high

BSE Sensex rose 0.3% at 76,689.02 as all 13 major sectors logged gains. Energy stocks rose 0.6%, driven by a nearly 4% jump in ONGC.

Indian shares rose tracking gains in information technology and energy stocks ahead of a key US inflation reading and the Federal Reserve's policy decision. The NSE Nifty 50 index was up 0.3% at 23,325.40. BSE Sensex rose 0.3% at 76,689.02 as all 13 major sectors logged gains. Energy stocks rose 0.6%, driven by a nearly 4% jump in ONGC as brokerage firm Jefferies raised its target price on the stock.

Stock market today: The NSE Nifty 50 index was up 0.3% at 23,325.40. BSE Sensex rose 0.3% at 76,689.02 as all 13 major sectors logged gains. (AP)

IT stocks gained 0.2% as investors ahead of the US consumer price index data for May and the Fed's policy decision this week in which it is expected to hold rates steady.

The broader small caps and mid-caps both rose nearly 1% outperforming the benchmarks.

Stock market has been volatile over the last couple of weeks but are back to near record highs as Prime Minister Narendra Modi returned to power with NDA alliance although with a slimmer majority for the BJP.

Finance Minister Nirmala Sitharaman is expected to present the budget next month on which Anita Gandhi, founder and head of institution at Arihant Capital Markets said, “We need to wait and watch till the budget in a few weeks.”