Amid mixed cues, domestic equity benchmark indices ended in the green for the third straight day in a row. At close, Sensex was up 5 points to 62,793, while Nifty was up 5.20 points or 0.03 percent at 18,599. Among sectors, auto and realty gained 1 percent each, while information technology index shed 1.5 percent.

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Among the broader pack, the smallcap index managed to gain nearly half a percent while the midcap ended almost unchanged.

From the Nifty pack, UltraTech Cement, Divis Laboratories, Kotak Mahindra Bank, Grasim Industries and Axis Bank were among the top gainers, while losers included Tech Mahindra, Infosys, TCS, ONGC and Wipro.

The buoyancy in select sectors is helping the index to hold strong despite mixed global cues and the underperformance of the banking pack. "We feel it is prudent to remain focused on identifying buying opportunities from the performing sectors viz. auto, FMCG, realty etc amid consolidation. A decisive break above 18,700 would fuel the next leg of up move towards the record high," said Religare Broking's Ajit Mishra.

"The domestic market experienced profit booking due to selling pressure in the IT sector. IT stocks witnessed a decline in anticipation of further downward revision in spending. However, a rally in auto and banks helped to recover the losses. Going ahead, an important influencer will be the commentary on growth and inflation forecasts by the RBI following its MPC meeting given the general consensus that rate pause will continue," said Vinod Nair, Head of Research at Geojit Financial Services.

Investors are also awaiting the Reserve Bank of India's monetary policy decision due on June 8, when the central bank could leave its key interest rate unchanged, according to a Reuters poll.

View on Nifty and Bank Nifty from Rupak De, senior technical analyst at LKP Securities —

Nifty

During the observed period, the Nifty index exhibited high levels of volatility, but its movement was confined within a narrow range. On the daily chart, it formed a doji candle, indicating indecision in the market. As a result, the overall trend is expected to remain sideways, with the index not showing a clear direction in its movement. In terms of levels, there is a support level at 18,500, which suggests a potential floor for the index, while a resistance level is identified at 18,665, indicating a barrier to further upward movement.

Bank Nifty

The Bank Nifty exhibited high volatility while trading within a narrow range during the observed period. On the daily chart, it formed a doji candle, signaling market indecision. This suggests that the overall trend is expected to remain sideways, without a clear direction in the index's movement. A support level is identified at 44,000, and if the index falls below this level, it might correct down towards 43,700. On the other hand, resistance levels are observed at 44,300 and 44,500, acting as barriers to further upward movement.