Index Update: The Nifty 50 advanced 103.40 points to close at 26,013.45, sustaining its position above key support levels. The index continues to trade comfortably above the 51-day EMA at 25,350.11, highlighting firm underlying strength. The RSI at 65.12 reflects steady bullish momentum, keeping the broader market outlook positive. Immediate support is placed near 25,200, while resistance is positioned around 26,300. A sustained move above 25,670 could further reinforce the upward bias and bolster near-term sentiment.

Macro Update:  India’s passenger vehicle market recorded a strong rebound in October 2025, with sales rising 15.8% year-on-year to 399,605 units. The sharp turnaround from the previous month’s decline was driven largely by festive-season buying and the impact of the GST reduction implemented in late September. According to SIAM, the tax cut led to a noticeable increase in vehicle registrations, helping demand outpace some lingering logistical challenges. The momentum was also evident on a monthly basis, with sales climbing nearly 28%, indicating a broad-based recovery in consumer sentiment.

Top Market Movers: On Monday, ETERNAL LIMITED (NSE: ETERNAL) led the gainers with a 1.93% increase, closing at INR 309.60 followed by Tata Consumer Products (NSE: TATACONSUM) up 1.83% at INR 1,179.00 and Max Healthcare (NSE: MAXHEALTH) which rose 1.73% to INR 1,122.20. On the downside Tata Motors Passenger Vehicles (NSE: TMPV) saw the largest drop, falling 4.74% to INR 372.65 followed by Ultratech Cement (NSE: ULTRACEMCO) down 0.83% to INR 11,775.00 and Jio Financial Services Limited (NSE: JIOFIN), which dropped 0.78% to INR 312.45.

Commodity Update: The dollar edged higher on Monday as traders awaited a wave of U.S. economic data after the government shutdown ended, seeking clearer cues on the Fed’s December rate outlook. Gold dipped 0.40% to USD 4,078.40, while silver inched up 0.08% to USD 50.72, and copper was nearly flat at USD 10,837.40. Brent crude slipped 0.90% to USD 63.81 as exports resumed at Russia’s Novorossiysk port.

Our Stance: The improvement in automobile sales contributed to a positive start to the week for Indian equities, with the Sensex advancing for the sixth straight session and reaching a three-week high. Broader market confidence was further supported by expectations of political continuity following the BJP-led NDA’s clear win in Bihar. Most sectors moved higher, and the auto segment in particular benefited from strong October sales tied to the GST cut. However, Tata Motors remained a notable drag, falling over 4% after the company reduced its margin outlook.

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