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Below is quote on Daily Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Market traded volatile and ended marginally in the green amid mixed cues. After the flat start, the benchmark inched lower and traded lackluster in the first half. However, buying in the IT, metal and pharma majors combined with a rebound in banking and financials triggered a surge as the day progressed. Consequently, the Nifty ended at 16,295 levels, up by 0.2%. Profit taking continued on broader front wherein midcap closed flat and small cap ended lower by 0.5%.

All eyes are on the RBI monetary policy review outcome which is scheduled on Friday. The decision of status quo on key rates is already priced in however their stance on inflation and commentary of growth will be in focus. We reiterate our view to focus on the selection of stocks as we’re seeing selective participation, largely led by the index majors and other heavyweights. Among the sectors, we suggest giving preference to banking, financials, metal and select IT counters for short term buying.

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