Index Update: The Nifty 50 rose 0.33% to close at 24,833.60 on Thursday, maintaining its position above key moving averages and reflecting underlying market strength. The RSI climbed to 57.44, suggesting sustained bullish momentum. A recent breakout above horizontal support adds to the positive sentiment. Despite minor pullbacks, the technical setup remains strong, indicating the potential for further short-term gains as market confidence continues to support the uptrend.

Macro Update: India’s industrial production rose 2.7% YoY in April 2025, easing from 3.9% in March but beating forecasts of 1%. Manufacturing growth moderated, with strong gains in electronics and machinery offset by declines in pharma and chemicals. Electricity output slowed sharply, while mining contracted slightly, signaling mixed momentum in industrial activity.

Top Market Movers: On Thursday, IndusInd Bank Ltd (NSE: INDUSINDBK) led the gainers with a 2.36% increase, closing at INR 824.15 followed by Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA) up 2.00% at INR 1,699.80, and Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS) which rose 1.96% to INR 1,438.60. On the downside, HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) saw the largest drop, falling 1.08% to INR 780.90 followed Tata Consumer Products Ltd (NSE: TATACONSUM) down 1.03% to INR 1,109.80 and Bharat Electronics Ltd (NSE: BEL), which dropped 0.93% to INR 386.80.

Commodity Update: A U.S. federal court blocked President Trump’s proposed "Liberation Day" tariffs, ruling he exceeded his authority. The decision boosted the dollar against haven currencies. Gold dropped 0.94% to $3,291.30, while silver rose 0.25% to $33.34. Copper gained 0.40% to $9,604.95. Brent crude climbed 1.00% to $65.55, lifted by improved market sentiment following the court’s rejection of the broad import duties plan.

Our Stance: Nifty’s technical strength, supported by RSI and key breakouts, signals potential for continued short-term gains. Industrial production data reflects mixed sectoral trends but remains above expectations. Positive sentiment is reinforced by strong performers like IndusInd Bank and Sun Pharma. Commodity markets react to tariff ruling, boosting risk appetite and lifting crude.

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