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Daily market commentary 23 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities remained firm for 3rd consecutive day ahead of the expected landing of Chandrayaan-3. Nifty inched upwards gradually to close with gains of 48 points at 19444 levels. Nifty midcap 100 surged to new highs while Nifty small touched a new 52-week high, reflecting action in the broader market. Sectorially it was a mixed bag with buying seen in Banking and Financial Services. Several Defence Companies which have supplied parts used in Chandrayaan-3 rallied on the expectation of a successful landing. Overall, we expect global uncertainty to keep the market range bound. However, action could continue in Banking and Financial Services ahead of the RBI policy meeting minutes release and bank loan growth data.

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