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Below Quote Daily Market Analysis 06 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile and ended marginally higher, in continuation to the prevailing recovery phase. After the flat start, Nifty inched gradually lower in the first half however a strong rebound in the select heavyweights pared all the loss. Eventually, it settled around the day’s high at 19611.05 levels. The tone was mixed on the sectoral front wherein FMCG and pharma rebounded swiftly while realty and metal ended lower. The broader indices witnessed a breather after the recent surge and closed almost flat.

Though we are seeing a rebound in the index, it lacks decisiveness due to the prevailing underperformance of the banking pack, which holds considerable weight. Besides, mixed cues from the global front are also weighing on the sentiment. We thus reiterate our view to stay focused on stock selection and avoid going overboard.

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