The key equity indices extended gains and hit fresh intraday high in early afternoon trade. The Nifty traded above the 16,000 mark. FMCG resumed their uptrend after declining in the past two sessions. 

At 12:17 IST, the barometer index, S&P BSE Sensex advanced 644.04 points or 1.22% to 53,574.35. The Nifty 50 index rose 216.05 points or 1.37% to 16,024.05. 

In the broader market, the S&P BSE Mid-Cap index added 2.36% while the S&P BSE Small-Cap index rose 2.45%. 

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,548 shares rose while 653 shares fell. A total of 127 shares were unchanged. 

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 4.98% to 23.0550. The Nifty 26 May 2022 futures were trading at 16,040.25 at a premium of 16.2 points as compared with the spot at 16,024.05. 

The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 35.7 lakh contracts at the 17,000 strike price. Maximum Put OI of 44.9 lakh contracts was seen at 16,000 strike price. 

The Nifty FMCG index rose 2.86% to 37.257.90. The index had declined 1.87% in the past two trading sessions. 

Among the components of the Nifty FMCG index, Godrej Consumer Products Ltd up 6.83%, United Spirits Ltd up 6.25%, Radico Khaitan Ltd up 4.66%, Varun Beverages Ltd up 3.67% and United Breweries Ltd up 3.22% were the top gainers. 

TV Today Network tumbled 10.94% to Rs 283.40 after the company's consolidated net profit fell 1.41% to Rs 35.69 crore on 13.06% rise in net sales to Rs 242.26 crore in Q4 March 2022 over Q4 March 2021. 

Patel Engineering hit an upper circuit limit of 5% at Rs 22.05 after the company said it bagged new order worth Rs 2,461 crore from Chenab Valley Power Projects. 

JMC Projects (India) gained 6.4% to Rs 78.10 after the company reported a 41.1% rise in consolidated net profit to Rs 58.47 crore on a 15.3% increase in net sales to Rs 1,604.75 crore in Q4 FY22 over Q4 FY21.