Markets extended decline and lost nearly half a percent, in continuation to the prevailing corrective phase. After the initial uptick, Nifty oscillated sharply in a range and finally settled around the day’s low at 19,674.25 levels. Pharma, realty and metals were top losers among the sectoral pack. However, stability on the broader front eased some pressure.
Feeble global cues combined with pressure on select heavyweights are weighing on the sentiment. Going ahead, recovery in the banking and financial majors would be critical for any meaningful rebound else the corrective tone would continue. We feel it is prudent to restrict aggressive positions until the market stabilizes.
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