Story continues below Advertisement Remove AdThe Nifty index ended 201.10 points, or 0.89 percent, higher at 22,821.40, from the previous close.
However, during the day, the index remained range-bound, oscillating between 22,650 and 22,900.
At open, the Nifty Bank index crossed 49,400 and touched an intraday high of 49,672.
"Bank Nifty has witnessed a rangebound day of trade.
The RBI policy event is likely to have a bearing on the Bank Nifty tomorrow.
Market Today
Amid volatility, the Indian equity indices ended higher for the second consecutive session on June 6 after investors remained confident that BJP-led National Democratic Alliance (NDA) is going to form the government under Narendra Modi.
On Thursday, the Nifty index opened at gap-up at around 22,800 and extended the gains as the day progressed and crossed 22,900 but remained volatile during the day.
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The Nifty index ended 201.10 points, or 0.89 percent, higher at 22,821.40, from the previous close.
Among sectors, except pharma and FMCG, all other sectoral indices ended in the green with PSU Bank, IT, Realty up 3-4.5 percent.
"The Nifty continued to rise after a bullish harami pattern formation yesterday on the daily timeframe. However, during the day, the index remained range-bound, oscillating between 22,650 and 22,900. The India VIX has slipped sharply below 17 in the last two days, signaling low volatility. In the near term, the index might continue remaining within the bands of 22,600-23,000," said Rupak De, Senior Technical Analyst, LKP Securities.
At open, the Nifty Bank index crossed 49,400 and touched an intraday high of 49,672. However, it closed with 0.5 percent gains at 49,291.90.
"Bank Nifty has witnessed a rangebound day of trade. The RBI policy event is likely to have a bearing on the Bank Nifty tomorrow. Key Support levels are placed at 48,800 – 48,500 while key resistance is at 49,700 – 50,000 zone. We expect the Bank Nifty to consolidate around 49,000 for Friday’s trading session," says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
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