Index Update: The Nifty 50 advanced 183.40 points to close at 25,077.65, maintaining its position above the 50-day SMA at 24,836.71, which continues to act as strong support. The RSI at 55.26 signals improving momentum from earlier oversold levels. A sustained move above 25,500 could pave the way for further upside, while 24,430 remains a crucial support level to monitor for possible pullbacks.

Macro Update: India’s Services PMI was revised down to 60.9 in September 2025 from 61.6 prelim and 62.9 in August, indicating a slower but robust expansion. Softer new business and exports weighed on growth, while input and selling price inflation eased. Business confidence rose to a six-month high.

Top Market Movers: On Monday, Max Healthcare Institute Ltd (NSE: MAXHEALTH) led the gainers with a 6.59% increase, closing at INR 1,139.70 followed by Shriram Finance Ltd (NSE: SHRIRAMFIN) up 3.97% at INR 671.45 and Tata Consultancy Services Ltd (NSE: TCS) which rose 2.98% to INR 2,988.40. On the downside, Tata Steel Ltd (NSE: TATASTEEL) saw the largest drop, falling 1.82% to INR 170.06 followed Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS) down 1.31% to INR 1,400.50 and Power Grid Corporation of India Ltd (NSE: POWERGRID), which dropped 0.97% to INR 286.90.

Commodity Update: The yen slumped sharply against the U.S. dollar, marking its biggest drop in five months after Sanae Takaichi’s LDP leadership victory signalled a tilt toward expansionary fiscal policy, challenging the Bank of Japan. Gold rose 0.95% to $3,946.10, silver gained 0.42% to $48.16, and copper edged up 0.26% to $10,740.90. Brent crude climbed 1.01% to $65.16 as OPEC+ opted for a smaller-than-expected output increase.

Our Stance: The Nifty 50 maintained bullish momentum above key support, reflecting improving sentiment and easing inflation pressures. Strong performance in healthcare and IT offset weakness in metals and utilities. With supportive macro trends and steady domestic demand, the near-term outlook remains constructive, provided global volatility and oil prices stay contained.

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