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

"Markets extended their decline, losing nearly 1.3% as the corrective phase continued. The session started on a weak note, but selling pressure intensified in the latter half, dragging the Nifty closer to 23,000 before settling at 23,071.80. In line with the benchmark, all major sectors ended lower, with realty, auto, and energy leading the losses. Additionally, a sharp sell-off in midcap and smallcap stocks further dampened sentiment. 

The Nifty’s drop below 23,200 has derailed the recovery prospects, with a potential retest of 22,800 ahead. However, the bigger concern is managing positions in midcap and smallcap stocks, which are witnessing heavy selling and appear more vulnerable. Traders should adopt a cautious stance, prioritizing risk management in the current market environment."

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