Index Update: The Nifty 50 surged 140.55 points to 25,898.55, remaining below the 26,000 mark but continuing to hold key support zones, keeping the broader structure intact. The index stays comfortably above the 51-day SMA at 25,717.19, reflecting steady underlying support, while the RSI at 49.62 signals easing momentum. Immediate support is seen near 25,500, with resistance at 26,500. A move above 26,350 would be needed to strengthen near-term sentiment.

Macro Update: Indian markets faced renewed pressure as the 10-year G-Sec yield neared a nine-month high at 6.65% following its exclusion from the RBI’s bond purchase plan. Simultaneously, the rupee breached 90 per USD amid corporate dollar outflows and stalled US-India trade talks, keeping sentiment cautious despite softer U.S. Fed signals.

Top Market Movers: On Thursday, Adani Enterprises Ltd (NSE: ADANIENT) led the gainers with a 2.99% increase, closing at INR 2,277.70 followed by Eternal Ltd (NSE: ETERNAL) up 2.72% at INR 290.95 and Jio Financial Services Ltd (NSE: JIOFIN) which rose 2.61% to INR 298.45. On the downside followed Asian Paints Ltd (NSE: ASIANPAINT) saw the largest drop, falling 0.89% to INR 2,779.40 followed Bharti Airtel Ltd (NSE: BHARTIARTL) down 0.67% to INR 2,053.20 and Axis Bank Ltd (NSE: AXISBANK), which dropped 1.64% to INR 1,272.70.

Commodity Update: Commodity Update: The dollar weakened on Thursday after the Fed cut rates by 25 bps. It delivered an outlook that was less hawkish than expected, encouraging broader utilisation of short positions and expectations of two more cuts next year. Gold rose 0.33% to USD 4,238.45, silver gained 2.37% to USD 62.52, and copper increased 0.49% to USD 11,623.00. Brent crude added 0.40% to USD 62.48 after the U.S. seized a sanctioned tanker near Venezuela, raising supply concerns.

Our Stance: Market sentiment appears cautiously constructive as Nifty sustains key supports despite currency weakness and rising bond yields. Broader risk appetite remains selective, driven by stable global cues and softer Fed messaging. Near-term moves hinge on rupee stability, bond market behaviour, and progress in US-India trade discussions, keeping volatility elevated.

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