Index Update: The Nifty 50 gained 48.45 points to close at 25,776.00 after a gap-down opening, recovering from the day’s low to finish near the session high. Despite the rebound, the index remains just below its 50-day Simple Moving Average at 25,818.71, which continues to act as a near-term reference level. Momentum remains measured, with the RSI at 54.61, indicating a gradual pickup in strength. Immediate support is placed near 25,000, while resistance is seen around 26,500, with a sustained move above 26,350 required to improve near-term confidence.

Macro Update: India’s macro-outlook remains constructive as easing US tariffs support exports, while strong PMI readings from HSBC signal resilient demand. Equity markets rallied on trade optimism, though the rupee softened amid hedging flows. Bond yields eased as Reserve Bank of India is expected to hold rates, reinforcing financial stability and moderate growth momentum.

Top Market Movers: On Wednesday, Eternal Ltd (NSE: ETERNAL) led the gainers with a 5.13% increase, closing at INR 294.15 followed by Trent Ltd (NSE: TRENT) up 4.96% at INR 4,012.60 and Oil and Natural Gas Corporation Ltd (NSE: ONGC) which rose 3.87% to INR 266.95. On the downside followed Infosys Ltd (NSE: INFY) saw the largest drop, falling 7.26% to INR 1,535.80 followed Tata Consultancy Services Ltd (NSE: TCS) down 7.01% to INR 2,999.10 and HCL Technologies Ltd (NSE: HCLTECH), which dropped 4.34% to INR 1,612.80.

Commodity Update: The U.S. dollar traded largely steady on Wednesday as investors stayed cautious after a brief U.S. government shutdown ended, while the yen hovered near a two-week low ahead of a closely watched national election. Precious metals strengthened, with gold rising 2.74% to USD 5,071.90 and silver up 4.01% to USD 86.64. Copper slipped 0.77% to USD 13,365.40. Brent crude edged 0.10% higher to USD 67.98 amid renewed geopolitical tension in the Strait of Hormuz.

Our Stance: The market stance remains cautiously optimistic, supported by stable policy expectations from the Reserve Bank of India and resilient demand indicated by HSBC PMI data. While selective buying continues, subdued momentum and currency volatility warrant a disciplined, stock-specific approach in the near term.

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