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

Markets remained volatile and ended slightly lower, taking a breather after Tuesday’s decline. Following a flat opening, Nifty saw some recovery in the first half but was unable to sustain the gains, eventually closing near the day’s low at 24,435.50. Most sectors, except IT, traded with a negative bias, with pharma, auto, and energy leading the losses. However, some relief in the broader indices helped ease the pressure after the sharp drop.

Apart from the concern of continuous outflow of the foreign investors, the disappointment on the earnings front is largely weighing on the sentiment. Among the key sectors, only IT is maintaining some resilience now while the majority are feeling the heat. We thus reiterate the “sell on rise” view in the Nifty index and suggest maintaining stock-specific trading approach citing the prevailing choppiness due to earnings.

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