Nifty and Sensex each surged 2 percent around noon on June 5, following a highly choppy and volatile opening session where both benchmarks oscillated between gains and losses.

"The dip seen in the previous session presents a buying opportunity. However, given the volatility traders can find it difficult to navigate the markets," said Kush Bohra, Founder, Kushbohra.com.

At 11.11 am, the Sensex was up 1,382 points or 1.9 percent at 73,461 and the Nifty 50 was up 450 points or 2.1 percent at 22,335. About 1,871 shares advanced, 1,341 shares declined, and 97 shares were unchanged.

At 11.11 am, the Sensex was up 1,382 points or 1.9 percent at 73,461 and the Nifty 50 was up 450 points or 2.1 percent at 22,335. About 1,871 shares advanced, 1,341 shares declined, and 97 shares were unchanged.

Volatility index India VIX fell 28 percent to 19.

Goldman Sachs advised investors to "buy the weakness" after the Indian stock market's steep fall on June 4, triggered by Lok Sabha election results that fell short of Dalal Street's expectations.

Sectoral Trend

All 13 major sectoral indices were up around noon. Financial services, FMCG, and auto stocks drove gains in the Nifty, while the construction sector saw a decline.

"From a positional view, look at FMCG and financial stocks to add to your portfolio, in a staggered manner," Bohra said.

Nifty  FMCG rose 5.8 percent led by HUL, ITC, and Varun Beverages. Nifty Auto rose over 2 percent as M&M, Hero MotoCorp, and Maruti Suzuki led. Nifty Bank gained over 2 percent.

Fundamental View

"Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. He said that sectors like FMCG, healthcare, and IT will find increasing preferences.

Vijayakumar said that excessive valuations have moderated a bit after the sharp correction seen in the previous session. He expects to facilitate institutional buying once clarity emerges on the formation and composition of the cabinet.

"Investors can start nibbling at high-quality large-caps in IT, financials, autos, and capital goods," he added.

Technical View

"For the Nifty index, the immediate support level rests at 21,800," said Shrey Jain, Founder and CEO of SAS Online. If Nifty falls below 21,800, markets can anticipate a weakness.

"Once the volatility triggered by the election results settles, the market could stabilize and define a clearer direction for the near future," Jain said.

Nifty has already surpassed the 22,200 mark which was seen as a crucial resistance zone by the analysts.

Key Nifty gainers

HUL, Hero MotoCorp, Britannia, TCP, Asian Paints

Key Nifty losers

L&T, BPCL, Power Grid, Adani Enterprises, SBI

Key Sensex gainers

HUL, M&M, Nestle, Asian Paints, ITC

Key Sensex losers

L&T, Power Grid, SBI

Stock moves

Hindalco: Shares slumped over 6 percent after its US subsidiary Novelis Inc decided to postpone its initial public offering (IPO) for now.

GPT Infraprojects: Shares gained over four percent in early trade after it bagged an order worth Rs 547 crore from Rail Vikas Nigam.