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Market Commentary

Indian benchmark indices witnessed a highly volatile session on the weekly Nifty expiry on June 2 and managed to close near the 23 ,500 mark . After slipping to an intraday low of 23 ,229 .15, the market staged a sharp recovery in the latter half of the session, with the Nifty rebounding nearly 250 points from the day's low . The recovery was primarily driven by short covering and strong buying interest in IT stocks . However, ongoing geopolitical uncertainties continue to keep investors sentiment cautious .

* At close, the Sensex gained 382 .50 points or 0 .52 percent to settle at 74 ,649 .84 , while the Nifty advanced 100 .95 points or 0 .43 percent to close at 23 ,483 .55 .

* On the sectoral front, the Nifty IT index emerged as the top performer, surging 4 .3 percent and significantly outperforming the broader market . Buying interest was also witnessed in Consumer Durables, FMCG, and Auto stocks . On the other hand, Nifty Healthcare, Pharma, and Oil & Gas indices remained under pressure and ended as the major laggards of the session .

* Gift Nifty signals a negative opening for the Indian market . Nifty spot in today's session is likely to trade in the range of 23 ,220 - 23 ,700 .

Global Updates

* Wall Street on Tuesday ended slightly higher in a choppy trading session that saw stocks searching for direction, as investors sifted through mixed messaging on U.S .- Iran peace talks and several artificial intelligence -related developments .

* The U.S . and Iran traded more airstrikes on Tuesday evening – the third such incident over the past week, as attempts at negotiating a peace deal yielded few results .

* The new strikes come after Iranian media reported earlier this week that Tehran had stopped communicating with the U.S ., despite repeated claims from Washington that a deal was close .

* Asia - Pacific markets opened higher Wednesday morning trade with Japan’s Nikkei 225 hitting a record high, as investors appeared to look past uncertainty over U.S .- Iran negotiations aimed at ending the Middle East conflict .

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