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Daily market commentary 10 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty traded sideways throughout the session to close with marginal gains of 36 points at 19368 levels. The broader market underperformed with Nifty midcap and smallcap down -0.4% and -0.6% respectively. Except for Metals and Oil & Gas, all sectors ended in red. After a one-way move, the market is witnessing some consolidation and profit booking at higher levels amid weak global cues. Investor sentiments were dampened after the latest data suggested China is on the brink of deflation. With Q1 result season starting this week, we expect stock-specific action in the market, starting with technology sector. Also, monsoon-related stocks are likely to remain in momentum after rainfall deficit of 10% turned into surplus of 2% within 8 days.

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