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Markets extended gains and rose over half a percent, in continuation of the prevailing trend. After the initial uptick, the benchmark oscillated in the range but finally settled around the day’s high. Gains in banking, realty and auto supported the surge while IT, pharma and energy witnessed profit taking. Meanwhile, the broader indices traded mixed. Amongst the benchmark, the Nifty ended with gains of 0.7% to close at 16,730 levels.

Markets will first react to the results of heavyweights like Reliance, ICICI Bank, Infosys and Kotak Bank in early trades on Monday. Besides, the development on the global front over the weekend will remain on the radar. We recommend continuing with a positive yet cautious stance and focusing more on identifying stocks amid the rotational buying.

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