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The Sensex advanced by 124 points, closing at 73862, while the Nifty gained 37 points, reaching 22405. Market breadth favored gainers, with around 2,060 shares advancing, 1,194 declining, and 101 remaining unchanged. Following a recent surge, the markets took a momentary pause and ended slightly higher. The Nifty fluctuated within a narrow range after an initial uptick, settling at the 22,402 level. Sector performance varied, with metal, realty, and pharma sectors recording decent gains, while IT and auto sectors remained subdued. Broad indices outperformed the benchmark, gaining between 0.4% to 0.8%. Indian markets trailed Asian peers, largely due to subdued Q4 earnings, particularly in the IT sector, and disappointing results from some index heavyweights. However, strong performance in the manufacturing and service sectors boosted the Indian composite PMI to a multi-year high, reflecting domestic resilience and providing support to the broader market. Globally, investor sentiment improved as tensions eased in the Middle East and oil prices declined. Further consolidation within the 22,300-22,500 zone in the Nifty is anticipated, with volatility likely to remain high due to the scheduled expiry of April monthly derivatives contracts. Traders are advised to focus on sectors/themes exhibiting consistent trends, such as metal, auto, and defense, and accumulate positions during market dips.
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