Index Update: The Nifty 50 gained 14.05 points to settle at 25,496.50 after opening higher but closing near the lower end of the day’s range. The index remains below its 50-day Simple Moving Average at 25,717.25, which continues to act as an immediate resistance barrier. The RSI is positioned at 47.11, indicating balanced momentum without a strong directional bias. On the downside, the 25,000 level remains a key reference zone, while a sustained move above the 25,745–26,350 band would be necessary to reinforce the short-term technical outlook.

Macro Update: India’s 10-year government bond yield rose near 6.7% ahead of the upcoming fiscal auction of benchmark securities. Market focus remains on demand conditions and cut-off yields, which may guide bond trends in March. Continued investor interest in ultra-long bonds helped limit yield increases despite supply-related concerns.

Top Market Movers: On Thursday, Tata Motors Passenger Vhcls Ltd (NSE: TMPV) led the gainers with a 2.54% increase, closing at INR 391.55 followed by Eicher Motors Limited (NSE: EICHERMOT) up 2.27% at INR 8,190.00 and Bharat Electronics Limited (NSE: BEL) which rose 2.22% to INR 449.05. On the downside followed Trent Limited (NSE: TRENT) saw the largest drop, falling 1.68% to INR 3,856.00 followed Eternal Limited (NSE: ETERNAL) down 1.48% to INR 246.50 and Power Grid Corporation of India Limited (NSE: POWERGRID), which dropped 1.30% to INR 303.25.

Commodity Update: The U.S. dollar traded softer in early Asian hours on Thursday as upbeat earnings from Nvidia supported broader risk sentiment, while markets awaited clarity on fresh U.S. import tariffs. Precious metals eased, with gold declining 0.52% to USD 5,199.00, silver slipping 2.54% to USD 88.68, and copper down 0.38% to USD 13,279.00. Brent crude edged up 0.30% to USD 71.12, holding near seven-month highs despite rising U.S. inventories.

Our Stance: Markets may remain range-bound in the near term amid resistance near key moving averages and evolving bond yield dynamics. Stability in commodities and continued sectoral participation could support sentiment, while sustained upside would depend on improved momentum and clarity around global cues and domestic liquidity conditions.

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