Index Update: Nifty 50 closed at 24,173.05, down 0.84%, and is showing a mild pullback after a recent recovery. The index is consolidating in the near term, with price action indicating some pause. The 14-day RSI at 53.24 has eased slightly from recent levels, suggesting momentum is slipping rather than improving. Immediate support is placed in the 23,800.00–23,200.00 zone, while resistance is seen around 24,800.00–25,500.00, which may cap near-term upside.

Macro Update: India’s services sector remained resilient in April 2026, with PMI rising to 57.9, signaling sustained expansion. Manufacturing momentum also strengthened, lifting the Composite PMI to 58.3. Hiring activity improved across sectors, though export demand softened and business sentiment moderated amid geopolitical risks and elevated input costs, particularly from energy-related pressures.

Top Market Movers: On Thursday, Dr. Reddy’s Laboratories Limited (NSE:DRREDDY) led the gainers with a 9.37% increase, closing at INR 1,331.00 followed by Cipla Limited (NSE:CIPLA) up 5.63% at INR 1,305.90 and Jio Financial Services Limited (NSE:JIOFIN) which rose 4.26% to INR 248.66. On the downside followed Trent Limited (NSE:TRENT) saw the largest drop, falling 4.13% to INR 4,251.40 followed Shriram Finance Limited (NSE:SHRIRAMFIN) down 3.37% to INR 1,009.30 and Mahindra & Mahindra Limited (NSE:M&M), which dropped 3.24% to INR 3,047.70.

Commodity Update: The dollar hovered near a one-and-a-half-week high on Thursday as tensions between the U.S. and Iran and stalled peace efforts lifted oil above USD 100 per barrel, dampening sentiment. Gold slipped 0.63% to USD 4,723.05, silver dropped 2.47% to USD 76.05, and copper declined 1.34% to USD 13,256.50. Brent crude gained 1.84% to USD 103.73 amid limited shipping activity in the Strait of Hormuz.

Our Stance: Markets appear to be in a near-term consolidation phase, with momentum softening and resistance levels likely to limit sharp upside. Strong PMI data supports underlying economic resilience, but elevated oil prices and geopolitical tensions may keep volatility high. A cautious, range-bound outlook is expected until clearer directional triggers emerge.

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