Index Update: The Nifty 50 surged 139.50 points to settle at a record high of 26,192.15, maintaining strong traction. The index continues to trade comfortably above the 51-day EMA at 25,428.24, underscoring firm underlying strength. The RSI at 67.66 signals steady bullish momentum, reinforcing a constructive broader setup. Immediate support is placed near 25,200, while resistance stands around 26,300. A sustained move above 25,670 may further strengthen the upward bias and lift near-term sentiment.

Macro Update: India has imposed a five-year anti-dumping duty on liquid epoxy resin imports from China, Saudi Arabia, Taiwan, and South Korea to counter persistently low-priced shipments. The measure aims to stabilise domestic prices, support local producers, and protect competitiveness across key manufacturing sectors following a DGTR investigation.

Top Market Movers: On Thursday, Eicher Motors Ltd (NSE: EICHERMOT) led the gainers with a 3.32% increase, closing at INR 7,125.50 followed by Bajaj Finance Ltd (NSE: BAJFINANCE) up 2.29% at INR 1,028.60 and Bajaj Finserv Ltd (NSE: BAJAJFINSV) which rose 2.21% to INR 2,095.60. On the downside Asian Paints Ltd (NSE: ASIANPAINT) saw the largest drop, falling 1.17% to INR 2,859.80 followed HCL Technologies Ltd (NSE: HCLTECH) down 1.03% to INR 1,645.40 and Titan Company Ltd (NSE: TITAN), which dropped 0.78% to INR 3,902.40.

Commodity Update: The U.S. dollar held steady in early Asian trade on Thursday as investors awaited key payroll data and reassessed expectations of Fed rate cuts. Gold dipped 0.15% to USD 4,076.90, while silver rose 0.68% to USD 51.20 and copper edged up 0.23% to USD 10,782.05. Brent crude gained 0.30% to USD 63.71 following a sharp drop in U.S. inventories, amid reports of a potential new U.S.–Russia peace plan for Ukraine.

Our Stance: The market setup remains constructive, supported by strong index momentum, resilient macro signals, and stable global commodities. Anti-dumping measures reinforce domestic industry fundamentals, while leadership in select large caps indicates healthy sectoral rotation. Persistent strength above key technical levels keeps the outlook positive, with sentiment anchored by robust risk appetite.

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