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Below the Quote on market wrap from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets remained volatile, shedding nearly half a percent amid mixed cues. After an initial uptick, Nifty quickly reversed course, retesting the crucial 22,800 support zone once again. However, a late-hour recovery helped trim losses, with the index closing at 22,929.25. All major sectors faced selling pressure, with pharma, energy, and realty among the top laggards. Additionally, broader indices took a significant hit, declining between 2.6% and 3.7%, further exacerbating market weakness. 

Relentless FII selling, coupled with mixed earnings, has put bulls on the defensive. While efforts to hold the 22,800 level continue, the overall market structure suggests further downside risks. Moving forward, the performance of the banking and IT sectors will be crucial in determining market direction. Traders should adjust their strategies accordingly, with a strong emphasis on trade management."

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