Index Update: The Nifty 50 fell 0.63% to close at 25,062.10, hovering just above its 51-day EMA of 24,948.67. Price action suggests consolidation with weakening momentum, as RSI stands at 46.98. Holding above 24,950 is crucial for near-term support, while a fall below may test 24,800. A breakout above 25,400 could revive bullish sentiment toward 26,000.

Macro Update: India’s private sector growth remained strong in July, with the Composite PMI at 60.7 despite a slight dip. Manufacturing hit a 17-year high at 59.2, while services eased to 59.8. Demand stayed robust, but job growth slowed, and inflationary pressures rose, prompting caution amid rising input costs and weaker confidence.

Top Market Movers: On Thursday, Eternal Ltd (NSE: ETERNAL) led the gainers with a 3.67% increase, closing at INR 313.15 followed by Tata Motors Ltd (NSE: TATAMOTORS) up 1.51% at INR 700.50, and Dr Reddy's Laboratories Ltd (NSE: DRREDDY) which rose 1.45% to INR 1,265.50. On the downside, Nestle India Ltd (NSE: NESTLEIND) saw the largest drop, falling 5.32% to INR 2,322.10 followed Trent Ltd (NSE: TRENT) down 3.83% to INR 5,154.00 and Shriram Finance Ltd (NSE: SHRIRAMFIN), which dropped 3.13% to INR 633.55.

Commodity Update: The euro edged closer to a four-year high Thursday amid optimism over U.S.-EU trade talks. The yen held firm as markets reacted positively to signs of easing trade tensions. Gold dipped 0.26% to $3,388.95, while silver fell 0.43% to $39.33. Copper rose slightly by 0.13% to $9,942.95. Brent crude gained 0.40% to $68.75, supported by trade optimism and a sharper-than-expected drop in U.S. crude inventories.

Our Stance: Markets appear to be in a consolidation phase as Nifty 50 holds just above its key moving average support. Manufacturing strength, as reflected in the PMI surge, reinforces India’s economic resilience, though rising inflation and easing job growth warrant cautious optimism. Equity focus remains selective, with rotational leadership and commodity trends supporting a mixed global backdrop.

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