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Daily market commentary 07 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Equity market witnessed some profit booking today, especially in the mid and small-cap space a day after Nifty hit the historical 20k mark. Nifty opened positive above the 20000 mark but edged lower to close flat at 19993 levels. Small-cap and mid-cap nosedived up to 3-4% led by PSEs, which were among the top gainers in the last few months. Except for IT and Pharma, all sectors ended in red. Investors await key domestic data including CPI and IIP numbers to be released late in the evening. Globally as well, investors await key US inflation data to be announced on Wednesday for clues on the Federal Reserve’s policy outlook. Overall, we expect the focus to shift from mid and small caps to large caps in the near term, as investors may turn cautious on the broader market. 

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