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Daily market commentary 28 July 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty remained under pressure throughout the session but witnessed some recovery in the last hour to close with a marginal loss of 14 points at 19646 levels. Sectorially, it was mixed with major buying seen in Realty (+1.8%). Power stocks were in the limelight on the back of attractive valuations and huge investments in the sector. Overall, we expect sectoral rotation in the market, while Index is likely to remain in the consolidation zone with the ongoing result season. Market will keep an eye on the manufacturing data to be released next week both - globally as well as locally. Also, the Bank of England will announce its rate decision next week on Thursday. Auto sector will be in focus as companies would announce their monthly sales numbers.

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