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Below are Views On Markets traded volatile for yet another session and lost nearly half a percent By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets traded volatile for yet another session and lost nearly half a percent. The benchmark opened with an uptick but feeble global cues mainly from Asian counterparts combined with a decline in select index majors pushed the index lower as the day progressed. Consequently, the Nifty index ended lower by 0.5% to settle at 15,746 levels. Most sectors traded in tandem with the benchmark and traded southward wherein disappointing numbers led the pharma index to end with a sharp cut of over 4%. The broader markets too ended in the red where the midcap and smallcap index lost 0.7% and 0.1% respectively.

The tussle is still on over the next directional move in the index and there’s no clear indication yet. Excessive volatility due to prevailing earnings season and upcoming monthly expiry of derivatives contracts are further adding to the participants’ worries. We reiterate our view to restrict leveraged positions and wait for clarity.

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