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The broader market continued to lose momentum as most small and midcap indices closed in the red. The volatility indicator also jumped as traders were on their toes.
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“With positive economic data pointing towards economic recovery, the market is expected to remain bullish in the long term while the possibility of a short correction in the near term cannot be ruled out. On the backdrop of eased retail inflation, the wholesale price inflation data to be released next week is expected to cool down as well,” said Vinod Nair, Head of Research at Geojit Financial Services.