Index Update: The Nifty 50 rose 28.75 points to close at 25,694.35, but eased from the day’s high, pointing to a softer near-term tone. The index finished below its 50-day SMA at 25,961.57, which continues to act as immediate resistance. The RSI improved to 40.54, indicating stabilisation from lower levels, though overall momentum remains subdued. On the downside, support is seen near 25,500, while resistance is placed around 26,500. A sustained move above 26,350 would be needed to improve near-term confidence.

Macro Update: India’s 10-year G-Sec yield climbed near a 10-month high of 6.67% ahead of a ₹310 billion debt auction, as heavy supply, tight liquidity, and weak foreign inflows weighed on sentiment. Softer inflation and stable rate expectations capped further upside.

Top Market Movers: On Friday, Infosys Ltd (NSE: INFY) led the gainers with a 5.63% increase, closing at INR 1,689.80 followed by Tech Mahindra Ltd (NSE: TECHM) up 5.16% at INR 1,670.50 and Wipro Ltd (NSE: WIPRO) which rose 2.79% to INR 267.45. On the downside followed Eternal Ltd (NSE: ETERNAL) saw the largest drop, falling 3.86% to INR 287.70 followed Jio Financial Services Ltd (NSE: JIOFIN) down 2.86% to INR 278.80 and Cipla Ltd (NSE: CIPLA), which dropped 2.58% to INR 1,397.50.

Commodity Update: The U.S. dollar was set for a third straight weekly gain on Friday, supported by firm U.S. economic data that reduced expectations of near-term Federal Reserve rate cuts. Gold declined 0.59% to USD 4,596.70, silver fell 2.74% to USD 89.81, and copper slipped 1.25% to USD 12,974.00. Brent crude edged down 0.05% to USD 63.73, with both Brent and WTI largely steady as geopolitical risk premiums eased.

Our Stance: Markets showed tentative stability but lack strong follow-through, with Nifty capped below key resistance and momentum subdued. Elevated bond yields, tight liquidity, and selective stock-specific moves suggest a cautious near-term outlook, favouring disciplined positioning until clearer directional cues emerge.

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