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

"Markets extended their decline on the weekly expiry day, shedding nearly half a percent amid mixed signals. Nifty opened flat but gradually drifted lower throughout the session, slipping below the crucial support of the 200-day exponential moving average (DEMA) before settling at 23,603.35. Most sectors faced pressure, with realty, FMCG, and auto emerging as the top laggards. The broader indices also weakened, recording losses between 0.3% and 1.26%. 

Following the recent dip, market participants now await the outcome of the scheduled MPC meeting for further direction. While the anticipated 25 basis point rate cut appears to be priced in, the committee's stance on growth and inflation will be closely watched. Additionally, corporate earnings and global cues are likely to keep volatility elevated. Given this backdrop, we maintain our focus on stock selection and trade management, with a positive bias."

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