The Nifty 50 advanced 135.65 points to 25,181.80, holding above the 50-day SMA at 24,851.84, which provides strong support. The RSI at 58.03 reflects improving momentum. A move above 25,500 could extend gains, while 24,430 remains a key support level for potential pullbacks.

Macro Update: The RBI has proposed a revamp of banks’ credit risk framework to align with global standards. Key reforms include revised risk weights for corporate, MSME, and real estate loans, and recognition of disciplined credit card “transactors” in retail exposure—aiming to optimize capital use and enhance credit risk management.

Top Market Movers: On Thursday, JSW Steel Ltd (NSE: JSWSTEEL) led the gainers with a 2.62% increase, closing at INR 1,175.20 followed by Tata Steel Ltd (NSE: TATASTEEL) up 2.61% at INR 176.42 and HCL Technologies Ltd (NSE: HCLTECH) which rose 2.29% to INR 1,486.50. On the downside, Axis Bank Ltd (NSE: AXISBANK) saw the largest drop, falling 1.12% to INR 1,167.40 followed Titan Company Ltd (NSE: TITAN) down 0.42% to INR 3,550.60 and Tata Consumer Products Ltd (NSE: TATACONSUM), which dropped 0.20% to INR 1,118.00.

Commodity Update: The dollar held firm on Thursday, heading for its best weekly performance in nearly a year, supported by a weakening yen following Japan’s political transition. Gold slipped 0.69% to $4,041.45, while silver fell 1.54% to $48.20. Copper gained 0.88% to $10,779.70. Brent crude declined 0.60% to $65.86 as U.S. President Donald Trump announced the first phase of an Israel-Hamas ceasefire, alongside rising U.S. crude inventories.

Our Stance: Market sentiment remains cautiously optimistic as Nifty sustains above key support, supported by improved momentum and strength in metal and IT stocks. The RBI’s proposed credit risk overhaul may bolster banking stability. However, global uncertainties and commodity volatility, especially in oil and gold, warrant a measured approach to near-term positioning.

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