New Delhi, April 8 -- The Bank Nifty index outperformed the benchmark Nifty50 on Wednesday as the last-minute temporary ceasefire in Iran converged with the RBI's Monetary Policy Committee (MPC) decision.

The Bank Nifty index is trading 5% higher at 55350 against the benchmark's 3.6% rise to 23949.

"I expect the Bank Nifty to outperform the broader Nifty and trade in a 52500-54500 range with a bias to the upside, thanks to the ceasefire news, which comes as a massive relief," said Shrikant Chouhan, head of research at Kotak Securities.

Chouhan said Reserve Bank of India (RBI) governor Sanjay Malhotra's commentary against the backdrop of the war would be "closely parsed " by the market.

"Though the ceasefire is temporary, it comes as a...