Index Update:  The Nifty 50 Index closed near 24,330.95, up 1.24% in the session, and moved above its 50-day SMA around 24,049.71, indicating improving near-term sentiment. Price action reflects a recovery from the recent correction phase, with the index extending gains after consolidating near the 24,000 zone. The 14-day RSI near 55.41 has crossed above its signal line and shifted into positive territory, suggesting improving momentum conditions. Immediate support is placed around 24,000–23,800, while resistance is seen near 24,600–24,800. A sustained move above the higher range could strengthen the ongoing recovery structure in the coming sessions.

Macro Update: India’s macro indicators remained broadly supportive as the 10-year bond yield eased below 7% amid softer crude prices and improving risk sentiment. Meanwhile, stronger-than-expected Services and Composite PMI readings signaled resilient domestic demand and sustained private sector expansion, although businesses continued to monitor cost pressures and geopolitical uncertainties linked to the Middle East conflict.

Top Market Movers: On Wednesday, InterGlobe Aviation Limited (NSE:INDIGO) led the gainers with a 6.65% increase, closing at INR 4,520.20 followed by Tata Motors Passenger Vhcls Ltd (NSE:TMPV) up 5.29% at INR 358.15 and Shriram Finance Limited (NSE:SHRIRAMFIN) which rose 4.12% to INR 1,004.10. On the downside followed Natural Gas Corporation Limited (NSE:ONGC) saw the largest drop, falling 3.16% to INR 280.80 followed Reliance Industries Limited (NSE:RELIANCE) down 1.76% to INR 1,437.90 and Larsen & Toubro Limited (NSE:LT), which dropped 1.13% to INR 4,008.50.

Commodity Update: Gold prices advanced in Asian trading on Wednesday as a weaker U.S. dollar and softer crude oil prices supported safe-haven demand. Gold climbed 1.94% to USD 4,657.00 per ounce, while silver surged 3.27% to USD 75.98 per ounce. Copper also gained 1.45% to USD 13,285.90 per ton, reflecting improved risk appetite in industrial metals. Meanwhile, Brent crude declined 1.38% to USD 108.35 per barrel after optimism grew that Middle East oil supplies could stabilize amid potential progress toward a U.S.-brokered Iran peace agreement.

Our Stance: Markets may continue to witness improving sentiment as Nifty sustains above its 50-day SMA, supported by resilient domestic macro indicators, easing bond yields, and softer crude prices. However, resistance near 24,600–24,800 and ongoing geopolitical uncertainties in the Middle East could keep volatility elevated, while commodity trends and institutional flows remain closely monitored.

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