Index Update: The Nifty 50 advanced 67.85 points to close at 25,935.15 after a gap-up opening, finishing the session in positive territory. The index is now trading above its 50-day Simple Moving Average at 25,791.32, improving the near-term technical structure. Momentum remains measured, with the RSI at 57.51, indicating a steady recovery from lower levels. Immediate support is placed near 25,000, while resistance is seen around 26,500; a sustained move above 26,350 would be required to enhance near-term confidence.

Macro Update: India’s bond market saw limited relief after the RBI held the repo rate at 5.25% in February 2026, as liquidity stress and weak bank demand kept yields elevated. Deposit shortages, regulatory constraints, and tight rupee funds offset policy support, while rising US yield spreads and global inflation concerns added pressure.

Top Market Movers: On Tuesday, Eternal Limited (NSE: ETERNAL) led the gainers with a 5.18% increase, closing at INR 303.80 followed by Tata Steel Limited (NSE: TATASTEEL) up 2.98% at INR 208.01 and Oil and Natural Gas Corporation Limited (NSE: ONGC) which rose 2.08% to INR 272.15. On the downside followed HCL Technologies Limited (NSE: HCLTECH) saw the largest drop, falling 1.80% to INR 1,573.10 followed Bajaj Finance Limited (NSE: BAJFINANCE) down 1.79% to INR 965.60 and Dr. Reddy’s Laboratories Limited (NSE: DRREDDY), which dropped 1.53% to INR 1,256.00.

Commodity Update: The U.S. dollar extended sharp losses on Tuesday ahead of key economic data expected to influence the interest rate outlook, while the yen held firm after Prime Minister Sanae Takaichi’s decisive election victory. Commodities traded lower, with gold down 0.39% to USD 5,059.25, silver easing 0.73% to USD 81.68, and copper slipping 0.50% to USD 13,146.00. Brent crude declined 0.40% to USD 68.79, though supply concerns lingered amid Strait of Hormuz tensions.

Our Stance: Market stance remains cautiously constructive. Improved technical structure in equities contrasts with tight domestic liquidity and elevated bond yields. Stock selection is preferred over broad positioning, with focus on balance-sheet strength and earnings visibility. Near-term upside hinges on sustained index breakout and easing liquidity conditions amid mixed global cues.

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