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Below the Quote on Market Analysis by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Markets experienced a recovery, gaining over 3% after a significant decline. The tone was subdued initially, but recovery in heavyweight stocks helped the Nifty index gradually climb higher throughout the day, eventually closing near the day's high at 22,620.30. The metal, auto, banking, and FMCG sectors were the top performers. Broader indices also regained some lost ground, each rising around 4%.

With the major event now behind us, we anticipate a gradual reduction in volatility. The index rebound is encouraging, but sustaining above the 22,600 level is crucial for a move towards 23,000. Conversely, the 21,800-22,000 range should provide support in case of profit-taking. We continue to favor defensive sectors such as FMCG, IT, and pharma, and recommend being selective in other sectors.

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