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Markets rebounded swiftly after two days of profit taking and gained nearly a percent. After a lackluster opening, the benchmark gradually inched higher with recovery in select index majors from across sectors. Consequently, the Nifty settled around the day’s high to close at 16,641.8 levels; up by 1%. Amongst the sectors, except Telecom, all the other indices ended in green wherein Capital Goods, Metal and IT were the top gainers. The broader markets indices traded mixed wherein midcap edged higher by a percent while smallcap index closed almost unchanged.

Markets will react to the outcome of the US Fed meet in early trades. Besides, the scheduled expiry of the July month derivatives contract and earnings announcements would keep the participants busy. We reiterate our view to focus on sectors/themes which are relatively strong and utilise intermediate correction to accumulate.