Index Update: The Nifty 50 fell 120.90 points to 25,839.65, dipping below the 26,000 mark yet continuing to hold key support zones, keeping the broader structure intact. The index remains comfortably above the 51-day SMA at 25,669.85, underscoring firm underlying support, while the RSI at 47.08 indicates easing momentum. Immediate support is noted near 25,500, with resistance placed around 26,500. A sustained move above 26,350 would be required to improve near-term sentiment.

Macro Update: India’s markets traded cautiously as global sentiment softened ahead of the US Fed meeting, with investors assessing the impact of potential rate cuts on capital flows and the rupee. Domestic focus remains on upcoming inflation and industrial output data, while sector rotation continues as IT lags and consumer-facing stocks hold steady.

Top Market Movers: On Tuesday, Eternal Ltd (NSE: ETERNAL) led the gainers with a 2.26% increase, closing at INR 291.70 followed by Titan Company Ltd (NSE: TITAN) up 2.18% at INR 3,849.00 and Shriram Finance Ltd (NSE: SHRIRAMFIN) which rose 1.49% to INR 846.70. On the downside followed Asian Paints Ltd (NSE: ASIANPAINT) saw the largest drop, falling 4.52% to INR 2,796.00 followed Tech Mahindra Ltd (NSE: TECHM) down 1.90% to INR 1,561.60 and Tata Steel Ltd (NSE: TATASTEEL), which dropped 1.71% to INR 160.67.

Commodity Update: The yen held firm in early Asian trade after a strong 7.5-magnitude quake hit northeast Japan, heightening risk-off sentiment ahead of key central bank decisions, including the Federal Reserve. Gold edged up 0.09% to USD 4,221.25, silver rose 0.55% to USD 58.72, while copper slipped 0.27% to USD 11,593. Brent crude was marginally lower at USD 62.47 as markets watched Ukraine peace talks and an approaching U.S. rate decision.

Our Stance: Market conditions point to a cautious near-term outlook as global uncertainty and upcoming policy cues temper risk appetite. Supportive domestic indicators, stable liquidity, and resilient sectoral performance—particularly in consumer and financials—help anchor sentiment. A decisive move above key resistance levels could revive momentum, though volatility may persist around major data releases.

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