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

"Markets began the holiday-shortened week on a strong note, gaining over 2%, supported by positive global cues. The Nifty index opened with a gap-up and tested the resistance near the moving averages ribbon around the 23,400 mark in early trade, followed by a phase of narrow-range consolidation and finally closed at 23,328.55 level. All major sectors contributed to the up move, with realty, auto, and financials emerging as top performers. The broader markets also staged a strong recovery, with both midcap and smallcap indices rising nearly 3% each.

The rally was driven by optimism around the deferral of tariffs and the recent exemptions on select products, raising hopes for potential negotiations that could ease the overall impact on global trade. On the technical front, a decisive break above 23,400 in Nifty would further reinforce the recovery trend. Adding to the bullish sentiment, the sharp 20% decline in India VIX is a positive sign. In this backdrop, we recommend maintaining a stock-specific trading approach, with an emphasis on quality stock selection and disciplined trade management."

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