Index Update: NIFTY 50 Index is currently trading near 22,713.10, up 0.15% in the session, but remains below its 50-day Simple Moving Average near 24,659.84, indicating that the broader structure continues to stay weak. The recent rebound from lower levels suggests some stabilisation after the sharp March decline. Momentum also remains subdued, with the RSI near 37.56. On the downside, 22,500.00–22,200.00 may continue to act as an important support zone, while 23,000.00–23,500.00 is likely to remain the immediate resistance band.

Macro Update: India’s 10-year government bond yield rose to around 7.1%, the highest since May 2024, driven by surging crude oil prices and elevated inflation concerns amid geopolitical tensions. Meanwhile, India’s Manufacturing PMI eased to 53.9 in March, indicating slower growth in output and new orders amid rising cost pressures and uncertainty.

Top Market Movers: On Thursday, HCL Technologies Limited (NSE:HCLTECH) led the gainers with a 3.53% increase, closing at INR 1,402.20 followed by Tech Mahindra Limited (NSE:TECHM) up 2.63% at INR 1,441.50 and Infosys Limited (NSE:INFY) which rose 1.97% to INR 1,300.80. On the downside followed Eicher Motors Limited (NSE:EICHERMOT) saw the largest drop, falling 2.58% to INR 6,649.50 followed Asian Paints Limited (NSE:ASIANPAINT) down 2.55% to INR 2,169.00 and Eternal Limited (NSE:ETERNAL), which dropped 2.03% to INR 231.72.

Commodity Update: The dollar advanced against major currencies on Thursday as investors returned to safe-haven assets after President Donald Trump said U.S. military strikes on Iran would continue for another two to three weeks. Although Trump said the conflict could end soon, his remarks reduced hopes for an immediate ceasefire. Commodity markets moved sharply, with gold falling 2.17% to USD 4,708.45, silver declining 5.21% to USD 72.12, and copper slipping 1.13% to USD 12,303.00. Meanwhile, Brent crude surged 4.83% to USD 106.03 per barrel.

Our Stance: Market sentiment remains cautious as the index trades below key moving averages despite a mild rebound from recent lows. Weak momentum indicators suggest limited upside in the near term. Sustained movement above resistance levels is required to confirm trend reversal, while failure to hold support zones may increase the likelihood of further downside pressure.

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