Index Update: The Nifty 50 rose 135.45 points to close at 24,715.05, recovering from recent lows, though sentiment reflects short-term weakness. The index remains below its 21-day SMA, acting as dynamic resistance and capping rebound potential. A sustained move above the 50-day SMA is essential to confirm recovery. On the downside, key support stands at 24,350.70, aligned with a falling trendline, and holding this level is vital to avert deeper declines.

Macro Update: India’s economy remains resilient, with GDP growth at 7.8% in Q1 and PMI readings at multi-year highs. Policymakers plan GST cuts on 400+ items to spur demand, complementing earlier income tax relief. Services drive expansion, foreign sales rise, and business sentiment improves despite US tariff headwinds and elevated input costs.

Top Market Movers: On Wednesday, Tata Steel Ltd (NSE: TATASTEEL) led the gainers with a 5.97% increase, closing at INR 167.85 followed by Hindalco Industries Ltd (NSE: HINDALCO) up 3.05% at INR 742.95, and JSW Steel Ltd (NSE: JSWSTEEL) which rose 2.70% to INR 1,072.20. On the downside, Infosys Ltd (NSE: INFY) saw the largest drop, falling 1.31% to INR 1,479.10 followed HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) down 0.80% to INR 776.45 and NTPC Ltd (NSE: NTPC), which dropped 0.61% to INR 334.25.

Commodity Update: The British pound and yen weakened on Wednesday amid renewed concerns over global government finances and political uncertainty in Japan. Precious metals traded mixed, with gold rising 0.15% to $3,597.40, while silver slipped 0.06% to $41.57 and copper eased 0.13% to $9,980.30. Brent crude edged down 0.01% to $69.13, though it maintained sanctions-driven gains as traders awaited the upcoming OPEC+ meeting this weekend for fresh supply cues.

Our Stance: Market sentiment remains cautious despite Nifty’s rebound, with recovery prospects hinging on a decisive move above key moving averages. Macro momentum stays supportive, underpinned by robust growth and policy stimulus. Cyclical sectors, particularly metals, exhibit strength, while defensives underperform. Commodities trade range-bound, awaiting clarity from OPEC+ and broader global developments.

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