The BSE Index closed at 18492, up by 80 points, While Nifty Index shut up at 5545, up by 19 points. The market trimmed gains in early afternoon trade but again surged in afternoon trade as European stocks came off initial lows. Volatility ruled the roost as the key benchmark indices regainedstrength in mid-afternoon trade soon after paring gains from a sharp surge and moved in a range in late trade.

Nifty June 2011 futures closed at 5,546.00, at a premium of just 0.70 point over spot closing of 5,545.30, while Nifty July 2011 futures were at 5,565.00 at a premium of 19.70 points over spot closing. The near month June 2011 derivatives contract expires on Thursday, June 30, 2011. Nifty June futures saw addition of 13.56% or 2.64 million (mn) units, taking the total outstanding open interest (OI) to 22.19 mn units.

Among Nifty calls, 5600 SP from the June month expiry was the most active call with addition of 0.38 million or 5.28%. Among Nifty puts, 5500 SP from the June month expiry was the most active put with addition of 0.92 million or 14.15%.