Index Update: The Nifty 50 slipped 35.05 points to close at 26,142.10, ending the session above the 26,000 mark but easing slightly from near record-high levels. Despite the modest decline, the index remains above its 50-day SMA at 25,892.36, providing firm near-term support. Momentum indicators remain constructive, with the RSI at 57.18 reflecting improving strength. Immediate support is placed around 25,500, while resistance is seen near 26,500. A sustained move above 26,350 would help reinforce near-term sentiment and maintain the broader positive structure.

Macro Update: The Indian rupee traded sideways near 89.6 per USD, holding close to three-week highs amid a softer dollar. RBI’s $10 billion dollar–rupee swap helped ease pressure on forward premiums, improving sentiment while keeping spot movements largely range-bound as traders remained cautious.

Top Market Movers: On Wednesday, Trent Ltd (NSE: TRENT) led the gainers with a 2.39% increase, closing at INR 4,289.60 followed by Shriram Finance Ltd (NSE: SHRIRAMFIN) up 1.66% at INR 973.70 and Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) which rose 1.39% to INR 7,172.00. On the downside followed InterGlobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 1.46% to INR 5,081.50 followed Dr Reddy’s Laboratories Ltd (NSE: DRREDDY) down 1.38% to INR 1,265.80 and Wipro Ltd (NSE: WIPRO), which dropped 1.23% to INR 268.06.

Commodity Update: The U.S. dollar moved toward its weakest annual performance in over 20 years as investors bet the Federal Reserve could cut rates further in 2026, while some global peers eye hikes. Commodities strengthened, with gold rising 0.12% to USD 4,513.15, silver up 1.28% to USD 72.05, and copper gaining 0.40% to USD 12,101. Brent crude edged 0.10% higher to USD 62.42, supported by U.S.–Venezuela tensions and resilient U.S. growth, despite thin holiday trading volumes.

Our Stance: Market tone remains constructive despite minor profit-taking. The Nifty continues to trade above key moving averages, signalling underlying strength, while supportive currency dynamics and firm commodity prices add stability. Near-term consolidation is likely, but the broader trend remains positive unless critical support levels are breached.

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