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Below Quote Daily Market Analysis 02 February 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

It turned out to be a muted session on Thursday as the Nifty index oscillated in a narrow range and ended almost unchanged. Meanwhile, a mixed trend on the sectoral front kept the participants occupied wherein FMCG and IT posted decent gains while metal and energy majors were on the back foot.

Participants were anticipating some respite after the dovish tone from the US Fed however continuous decline in Adani group counters combined with the scheduled weekly expiry kept the tone negative for most of the session. Indications are pointing towards further consolidation in the index thus we recommend maintaining a sector/stock-specific approach. Among the sectors, IT, FMCG and select auto look positive to us while others may continue to trade mixed so plan accordingly.

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