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Daily market commentary 07 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty closed higher for the fifth straight day with gains of 116 points (+0.6%) at 19727 levels. Despite weak global cues, market recovered in the second half on account of short covering on the weekly expiry day. Broader market too ended in green with Midcap100/Smallcap100 up 0.8%/0.5%. Banking and Realty were the major drivers with gains of more than 1%. Niche sectors like Shipping and defence stocks continue to see buying interest on the back of large order wins and strong order book. Rally continued in paper and sugar stocks. Nifty has shown  good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However we expect outperformance in broader market to continue with interest in niche sectors.

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