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Below Quote Daily Market Analysis 07June 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets edged higher and gained over half a percent amid mixed cues. After the initial uptick, Nifty traded in a narrow band in the first half however noticeable buying in select index heavyweights helped the index to cross 18,700. Most sectors traded in sync with the benchmark and ended higher wherein realty, metal, energy and FMCG were the top gainers. Amid all, the continued buoyancy on the broader front was the key highlight as both midcap and smallcap index gained over a percent each.

Nifty has finally surpassed the hurdle at 18,700 but the prevailing underperformance of the banking pack is still weighing on the sentiment. We may see choppiness due to the outcome of the MPC’s policy meet and scheduled weekly expiry on Thursday. Amid all, we reiterate our positive view and suggest focusing on identifying opportunities from the leading sectors. 

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