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Below Quote Daily Market Analysis 12 September 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets took a breather after the recent surge and ended unchanged. After the gap-up start, profit taking in heavyweights across sectors pulled the Nifty lower, followed by range bound movement till the end. Meanwhile, the decline was widespread on the sectoral front wherein realty, metal and energy were among the top losers. At the top of it, a sharp cut in the broader indices caught the traders completely off-guard and both midcap & smallcap lost in the range of 3%-4%.

We expect consolidation in the index after the recent surge and suggest preferring index majors over the midcap and smallcap citing the possibility of further profit taking in the broader indices. Apart from the domestic factors, traders should keep a close watch on the US markets for cues.

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