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

Markets extended their recovery in a volatile session, gaining over 1% after a brief pause. Following a subdued start, a sudden surge in select heavyweight stocks mid-session lifted sentiment, though volatile swings in the final hour tempered the momentum. Ultimately, the Nifty closed at 24,708, up 0.98%, after hitting an intraday high of 24,857.75. 

Most sectors contributed to the rally, with IT, banking, and auto emerging as the top gainers. Market breadth remained positive, supported by sustained buying in the midcap and smallcap segments. 

The recent market surge has already factored in potential support from the RBI, making the market's reaction to Friday's outcome crucial. While the IT and banking sectors continue to drive the index higher, broader sectoral participation will be essential for extending this rally. With the Nifty reclaiming 24,700 - a level targeted after the breakout above 24,350 - its sustenance could pave the way for a move toward 25,100. Amid this setup, we emphasize the importance of focusing on stock selection, given the selective participation across sectors.

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