New Delhi, June 1 -- The domestic stock market continued its rangebound session on Monday, 1 June, amid a spike in crude oil prices, persistent uncertainty over a potential US-Iran deal, and caution ahead of the RBI MPC decision this week.

Benchmark Nifty 50 touched an intraday high and low of 23,733.70 and 23,517.70, respectively, by 10:30 am, with banking, financial services, FMCG, and auto counters witnessing selling pressure.

However, the IT sector saw strong buying interest. The Nifty IT index jumped more than 3% during the session.

Shrikant Chouhan, the head of equity research at Kotak Securities, believes that as long as Nifty trades below the 50-day SMA of 23,700, weak sentiment may continue.

"On the downside, the index could ...