Index Update: The Nifty 50 Index closed near 23,214.95, remaining below its 50-day SMA of 23,706.13, reflecting a cautious near-term technical structure. Recent price action indicates the index is consolidating after recovering from its earlier decline, with sellers maintaining a slight advantage as the benchmark continues to trade below its key moving average. The 14-day RSI stood near 39.01, remaining below the neutral 50 mark and suggesting subdued momentum conditions. Immediate support is seen near 23,000.00 and 22,800.00, while resistance levels are located around 23,400.00 and 23,700.00. A sustained move above resistance could improve the near-term outlook, while a break below support may increase downside pressure.

Macro Update: India’s 10-year government bond yield declined to a nearly two-month low of around 6.8%, driven by strong foreign investor inflows following tax exemptions on eligible debt investments and broader market access measures. Expectations of RBI support for the rupee through currency market interventions further boosted bond sentiment, keeping yields under pressure.

Top Market Movers: On Wednesday, Nestlé India Ltd. (NSE: NESTLEIND) led the gainers with a 1.98% increase, closing at INR 1,438.30 followed by Hindustan Unilever Ltd. (NSE: HINDUNILVR)  up 1.72% at INR 2,169.50 and Axis Bank Ltd. (NSE: AXISBANK) which rose 1.71% to INR 1,314.50. On the downside followed Hindalco Industries Ltd. (NSE: HINDALCO) saw the largest drop, falling 3.47% to INR 1,039.30 followed Coal India Ltd. (NSE: COALINDIA) down 3.41% to INR 451.00 and Infosys Ltd. (NSE: INFY) which dropped 2.97% to INR 1,145.30.

Commodity Update: The U.S. dollar traded steady against major currencies on Wednesday as investors assessed fresh geopolitical tensions after the United States launched strikes on Iran following the reported downing of an American Apache helicopter in the Strait of Hormuz. Market participants also remained focused on upcoming U.S. inflation data for signals on the Federal Reserve’s policy outlook. In commodities, gold declined 1.98% to USD 4,200.80, silver fell 2.01% to USD 63.94, while copper edged up 0.10% to USD 13,580.10. Brent crude rose 1.80% to USD 93.08 amid renewed concerns over potential supply disruptions.

Our Stance: Indian equities continue to trade within a consolidation range amid subdued technical momentum and heightened geopolitical uncertainties. However, supportive domestic liquidity, easing bond yields, and stable macroeconomic conditions may provide downside support. Market direction is likely to remain driven by global developments, crude oil trends, and upcoming economic data releases.

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