Index Update: The Nifty 50 jumped 320.50 points to close at 26,205.30, keeping its broader bullish trend intact and remaining near record highs. The index continues to trade well above the 51-day SMA at 25,511.37, underscoring firm underlying support. The RSI at 63.21 reflects steady momentum within a neutral-to-positive zone. Immediate support is placed near 25,500, while resistance is seen around 26,500. A sustained move above 26,250 could reignite upward momentum and further strengthen near-term sentiment.

Macro Update: The US dollar’s continued weakness on rising Fed rate-cut expectations supported emerging-market currencies, including the rupee. Softer US data and prospects of easier global financial conditions eased pressure on domestic yields. Regional risk sentiment improved, aiding foreign inflows, while commodity moves and global central-bank signals remain key watchpoints for India.

Top Market Movers: On Wednesday, JSW Steel Ltd (NSE: JSWSTEEL) led the gainers with a 3.81% increase, closing at INR 1,154.40 followed by HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) up 2.74% at INR 787.55 and Bajaj Finserv Ltd (NSE: BAJAJFINSV) which rose 2.70% to INR 787.55. On the downside Bharti Airtel Ltd (NSE: BHARTIARTL) saw the largest drop, falling 1.61% to INR 2,126.80 followed Adani Enterprises Ltd (NSE: ADANIENT) down 0.77% to INR 2,315.00 and Eicher Motors Ltd (NSE: EICHERMOT), which dropped 0.28% to INR 7,198.50.

Commodity Update: The dollar slipped on Wednesday after softer U.S. data strengthened expectations of a December rate cut and as markets bet the next Fed chair could lean more dovish. Precious metals gained, with gold up 0.83% at USD 4,199.50 and silver rising 1.12% to USD 51.64, while copper edged up 0.17%. Brent crude rose 0.19% to USD 62.67 after touching one-month lows amid progress in Ukraine–Russia peace talks.

Our Stance: Market conditions remain constructive, supported by steady macro sentiment, resilient foreign inflows and improving risk appetite. Softer global yields and a weaker dollar have reduced external pressures, while domestic indicators point to stable momentum. Near-term focus stays on policy signals, global data trends and sector-specific earnings performance.

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