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Below Quote Daily Market Analysis 17 August 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded under pressure and lost over half a percent, tracking feeble global cues.  The tone was negative from the beginning and the attempt to rebound in the middle fizzled in the final hour. Eventually, Nifty finally settled closer to the day’s low and settled at 19365.25 levels. Most sectors were aligned to the move and ended lower wherein energy, FMCG and IT were among the top losers. Amid all, the broader indices managed to outperform for yet another session as they closed flat to marginally in the green.   

We are in a corrective phase and seeing a gradual fall in the index but buying interest in select heavyweights is providing comfort in between. Besides, the prevailing outperformance of the broader indices is offering ample buying opportunities. Amid all, we maintain our view to focus on stock selection and risk management until the tone changes. 

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