Index Update: The Nifty 50 gained 10.25 points to close at 26,215.55, maintaining its broader bullish structure and staying close to record highs. The index continues to trade comfortably above the 51-day SMA at 25,534.30, highlighting firm underlying support. The RSI at 63.45 indicates steady momentum within a neutral to positive range. Key support lies near 25,500, while resistance is positioned around 26,500. A sustained move above 26,250 could reignite upward momentum and strengthen near-term sentiment.

Macro Update: The fall in US Treasury yields and rising Fed rate-cut expectations ease global financial conditions, supporting foreign inflows into Indian bonds and equities. Softer US rates may reduce INR depreciation pressures, while stronger US data and potential SLR easing improve risk sentiment, indirectly benefiting India’s growth-inflation outlook.

Top Market Movers: On Thursday, Bajaj Finance Ltd (NSE: BAJFINANCE) led the gainers with a 2.29% increase, closing at INR 1,033.80 followed by Shriram Finance Ltd (NSE: SHRIRAMFIN) up 1.29% at INR 867.65 and ICICI Bank Ltd (NSE: ICICIBANK) which rose 1.25% to INR 1,392.20. On the downside Eicher Motors Ltd (NSE: EICHERMOT) saw the largest drop, falling 2.77% to INR 6,999.00 followed Adani Enterprises Ltd (NSE: ADANIENT) down 2.59% to INR 2,255.00 and Maruti Suzuki India Ltd (NSE: MARUTI), which dropped 1.57% to INR 15,903.00.

Commodity Update: The dollar weakened on Thursday in thin holiday trade as markets looked ahead to 2025, with multiple U.S. rate cuts already priced in. Gold slipped 0.56% to USD 4,178.70, silver eased 0.29% to USD 52.76, and copper dipped 0.17% to USD 10,946. Brent crude fell 0.30% to USD 62.92 on optimism around a possible Ukraine-Russia ceasefire that could eventually ease sanctions on Russian supply.

Our Stance: Market conditions remain supportive as the Nifty trades near record highs with firm technical strength. Softer US yields and improved global risk sentiment bolster India’s near-term outlook. A break above 26,250 could accelerate upside momentum, while stable foreign flows and contained macro pressures help maintain a constructive equity environment.

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