Markets Edge Higher Despite Metal Weakness as Cement Stocks Outperform Today

Index Update: The Nifty 50 Index closed near 24,078.50, remaining above its 50-day SMA of 23,830.59, indicating that the medium-term technical structure continues to hold. Recent price action reflects consolidation following the recent recovery, with the index continuing to trade within a relatively narrow range. The 14-day RSI stood at 52.31, suggesting balanced momentum with a neutral bias. Immediate support is placed near 23,880.00 and 23,680.00, while resistance is seen around 24,280.00 and 24,480.00. A sustained move beyond these levels could influence the index's next directional trend.

Macro Update: India's 10-year government bond yield eased to around 6.77%, retreating from a three-week high as softer US inflation lowered Treasury yields and improved demand for sovereign debt. Expectations of Bloomberg Global Aggregate Index inclusion and sustained foreign inflows supported sentiment, while elevated Brent crude prices limited further declines amid persistent inflation concerns.

Top Market Movers: On Wednesday, Eternal Limited (NSE:ETERNAL) led the gainers with a 3.02% increase, closing at INR 294.80 followed by UltraTech Cement Limited (NSE:ULTRACEMCO) up 2.75% at INR 11,812.00 and HDFC Life Insurance Company Limited (NSE:HDFCLIFE) which rose 2.44% to INR 568.75. On the downside followed Hindalco Industries Limited (NSE:HINDALCO)  saw the largest drop, falling 1.90% to INR 955.80 followed Power Grid Corporation of India Limited (NSE:POWERGRID) down 1.90% to INR 280.70 and Larsen & Toubro Limited (NSE:LT) which dropped 1.68% to INR 3,783.90.

Commodity Update: The U.S. dollar remained under pressure after retreating from a two-week high as softer-than-expected inflation data reduced expectations of a near-term Federal Reserve interest rate hike, although higher oil prices continued to raise inflation concerns. Gold declined 0.74% to USD 4,040.05 per ounce, while silver slipped 0.54% to USD 58.78 per ounce. Copper edged up 0.08% to USD 13,650.50 per tonne. Meanwhile, Brent crude oil climbed 1.72% to USD 86.19 per barrel following escalating tensions involving the United States and Iran.

Our Stance: The market continues to exhibit a stable technical structure, supported by resilient domestic fundamentals and easing bond yields. However, elevated crude oil prices, geopolitical uncertainties, and key resistance near 24,280–24,480 may limit near-term upside. A decisive breakout above resistance could strengthen momentum, while support levels remain important to monitor.

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